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