Gold can leave pennant, break support level and then make retest

20 de mar.

Hello traders, I want share with you my opinion about Gold. Looking at the chart, we can see how the price recently traded in the buyer zone, where XAU soon reached the 2040 support level and broke it. After this movement, the price made retest and then started to trades in an upward pennant, where firstly Gold made a strong impulse up to the current 2150 support level, which coincided with the support area. After this, the price broke this level and rose to the resistance line of the pennant, but at once turned around and in a short time declined to the support level. Soon, the price turned around and some time traded between the resistance line and this level, and last time Gold fell to the support line of the pennant, where at the moment trades very close. So, in my mind, Gold can exit from the upward pennant, break the support level, and then make a retest. After this movement, I think also that XAU can continue to decline, therefore I set my target at the 2110 level. Please share this idea with your friends and click Boost 🚀