Gold has stopped in the support zone between the previously broken channel, the downward resistance line and the strong support from 1988 and thus is forming a consolidation.
The price is testing the descending resistance line again (the dot line), if the price breaks through that line and gets back to the channel, the gold will continue to rise globally.
But after breaking through the trend line, the price is in a panic zone. The price forms a retest of the key line, at this time the market maker can form a large number of traps. At the moment with a small difference, but the priority scenario for short positions.
Strong resistance: the descending line, the border of the ascending channel and the 2000 level.
Strong support 1988, 1981.
I expect that near the 2000 area, price could form multiple retests. A return to the channel would open up new bullish potential for price. If price fails to return to the channel, it will provide a path down to 1980
The price is testing the descending resistance line again (the dot line), if the price breaks through that line and gets back to the channel, the gold will continue to rise globally.
But after breaking through the trend line, the price is in a panic zone. The price forms a retest of the key line, at this time the market maker can form a large number of traps. At the moment with a small difference, but the priority scenario for short positions.
Strong resistance: the descending line, the border of the ascending channel and the 2000 level.
Strong support 1988, 1981.
I expect that near the 2000 area, price could form multiple retests. A return to the channel would open up new bullish potential for price. If price fails to return to the channel, it will provide a path down to 1980
