R.Linda Trading - forecast

Trading signal for GOLD → Pre-breakout consolidation formation

GOLD Forecast
Over the past week, gold has not moved at all. Volatility has dropped to lows, all because the bulls are under pressure from the bears. What to expect from the price in the coming week?

The support at 1981.68 is important for us now (see the daily chart on the left).

The price forms a strong downside resistance, which forms a squeeze of the price to the support level 1981.68. The market does not react to false breakdowns of the support.

The trend at the moment is upward, the daily moving averages are acting as support, so now we can only talk about a possible counter-trend correction.

Strong support: 1981.68

Strong resistance: descending resistance line, 1995 level, 2000 level.

I expect that the bears will still be able to achieve their goal this week. The potential formed on the chart opens the prerequisite for a break-down support and the price reduction to 1955, or to 1926