GOLD ! Rising to resistance to 1747. Waiting for a pullback?🤖

28 de jul. de 2022

Gold. As I said in the medium term idea that the price could reach the liquidity zone in the third wave phase. The key level for it was 1690. Now after the false breakout a pullback is forming, but the price cannot move in one direction all the time, the local trends within the day can change up to 5 times.

On the chart we can see a pullback and the price is headed to 1747 resistance, which is a strong historical level and showed a good price reaction before.

I assume that the price will not be able to break through the 1747 area on the first breakout and will form a pullback after the false-break to accumulate energy. The short-term target on the pullback is support at 1712.

Regards R. Linda!