RLinda Trading

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R.Linda Trading - forecast

Trading signals for GOLD → Price is breaking triangle support. What's next?

2023-05-02 08:45 GOLD Forecast

Gold continues to be within a symmetrical triangle up to a certain point. False breakouts of the pattern's boundaries only increase the potential.

Today we see a breakout of the triangle support and a prolonged price consolidation below the line. The bears are trying to take control of the situation, but the global uptrend and bull activity is resisting.

The dollar index begins to strengthen after a false breakdown of the support zone. The dollar is testing the local resistance and if it breaks it, we might see gold falling. In this case, the correction will continue towards 1960.

Strong resistance: the range boundary, the 1981 level, the 1988 level.

Strong support: 1979.5, 1977

I expect the consolidation to form a bearish potential and we may see a drop in price in the near future. The movement may be directed towards 1970 and 1960

R. Linda

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