RLinda ! GOLD-> Price is testing support. What's next?
Gold is falling toward channel support after the release of the Federal Reserve data. The price is momentarily falling by 2%.
The strong distributive movement is towards range support and the support zone of the price channel. I think there is a high probability of a bounce from strong support with this drop. The price may make a false break of the channel support and test the level of 1765, but the global trend is still bullish
I expect a test of the support zone and consolidation above the level with the subsequent strengthening of gold towards 1807. The nearest short-term target is 1790.
Regards to R. Linda!
The strong distributive movement is towards range support and the support zone of the price channel. I think there is a high probability of a bounce from strong support with this drop. The price may make a false break of the channel support and test the level of 1765, but the global trend is still bullish
I expect a test of the support zone and consolidation above the level with the subsequent strengthening of gold towards 1807. The nearest short-term target is 1790.
Regards to R. Linda!
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