GOLD → The market is buying back the fall. Retest 2010

11 de abr. de 2023

Gold is down towards the upside support line on Monday. The price is making a false break and grabbing the liquidity that is needed for a possible move up. In any case, the big players needed to buy the asset at a lower price.

After the false breakdown the market actively redeems the fall. The price retests the resistance of 2000 and successfully breaks through it, making an upward move to test the 2010 level.
The metal is actively bought by many countries, and a lot of money is poured into the asset, which is considered as a hedging instrument amid the economic crisis. Many analysts and economists think that the price can go up to 2200.

A strong support level is 2000 (rebound or false-break strategy), 1995.
Strong resistance levels: 2010 (break-up strategy) and 2025.
I expect the growth will continue, but before that the price can make a pullback from 2010 level.

Regards R.Linda!