LegionQ8

Gold can bounce from resistance line and start to decline

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. Looking at the chart, we can see how the price a few moments ago entered to upward wedge, where it at once made a strong upward impulse from the support line to the resistance level, and even soon broke it, breaking the support level also. After this, XAU rose a little more, after which made a correction move, below the 2380 level, but soon turned around and rose to the resistance line of the wedge, breaking this level again. Next, Gold turned around and in a short time declined to almost to 2290 support level, which coincided with the buyer zone and some time traded near this level. As well later price made a fake breakout of the 2290 level, after which rebounded up to the resistance line of the wedge, but at once bounced down. Soon XAU turned around and rose back to the resistance line and at the moment continues to trades near this line. For this case, I think that Gold can make a move up to the resistance level and then start to decline in the wedge. So, that's why I set my target at 2320 points. Please share this idea with your friends and click Boost 🚀
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