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R.Linda Trading - forecast

GOLD - Technical rollback. What's next? ↑or↓

2023-03-21 09:36 GOLD Forecast

Gold is in a technical pullback phase. Like I said, the 1998 level, formed almost a year ago, was able to stop the price. How long will it be?

RLinda ! GOLD-> False breakdown and pullback.

The gold forms a retest of the 1966 level, where the price retested that area also passes the upper boundary of the uptrend channel . Since we have an uptrend and it is strong enough, near the strong levels, there is a chance that after the retest the price will resume its growth from the 1966 area. The test may be a false-break.
BUT! If the price consolidates below the upper boundary of the ascending channel , the price may fall to 1925.

There are two scenarios that could happen. Therefore, we should wait for the price reaction on this zone, and only then make a decision. Consolidation above the 1966 level (after a false breakdown) will form a buy entry point. Consolidation inside the ascending channel may activate selling to 1925

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