GOLD → The approaching breakdown of 1981 and further decline

23 de abr. de 2023

Gold may close the month of April with a pin bar, which can provoke quite a strong movement under certain circumstances. What to expect in the coming week?

We have a strong bullish trend, the moving averages are supporting, it looks like a positive bullish situation, but!
On the 1D chart, the price retested the support at 1981.566, April 2022. Last week the price formed a consolidation and made many false-breaks in the area. Friday makes another false-break and closes very close to the level, which can be interpreted as pressure on the level by the sellers. Closing close to the level will allow breaking it down fast enough.
The correction that started can go to the key Fibonacci levels: 1955 (0.382 Fibo), 1926 (0.5 Fibo), but at the moment I expect growth in the mid-term, maybe it will start from the mentioned levels.

Strong resistance: 2010, 2025, 2031
Strong support: 1981 (break-down strategy), 1955 (false-break-down strategy).
I am expecting a fall at the beginning of the week after the break-down of the support at 1981. But in the medium-term perspective I will wait for growth by 2000 and 2025.

Regards R.Linda!

24 de abr. de 2023

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