Gold is still trading within the ascending price channel . Today's false breakout allowed the price to gain liquidity, but for what? What next?
If you pay attention to the daily chart , the price is not falling below the blue support, it is in the global ascending triangle , the resistance is at the level of 2000. The price comes back to retest that level, but more slowly, in a consolidation move. In breaking through the 2000 level, the futures will have the potential to go up to 2020, 2050 and 2070.
Since the gold makes a false-break, we should wait for the consolidation above one of the levels to form an entry point. Above the support line, above 1968, 1975, it is acceptable to open a buy. The short-term target - 1980, 2000. Medium-term target - 2020, 2050.
If you pay attention to the daily chart , the price is not falling below the blue support, it is in the global ascending triangle , the resistance is at the level of 2000. The price comes back to retest that level, but more slowly, in a consolidation move. In breaking through the 2000 level, the futures will have the potential to go up to 2020, 2050 and 2070.
Since the gold makes a false-break, we should wait for the consolidation above one of the levels to form an entry point. Above the support line, above 1968, 1975, it is acceptable to open a buy. The short-term target - 1980, 2000. Medium-term target - 2020, 2050.