LegionQ8

Gold has tested buyer zone and can start to rise

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. When observing Gold, we can see how price made a deep correction, formed the buyer zone 1950-1960, and continued to move upwards. By making a small downward correction, the price formed a higher low and continued to rise. Gold updated its previous high, thereby proof of upward structure, and reached a resistance level of 2050, from which it bounced and began to fall. The price approached the buyer zone and traded higher for some time. Without testing the buyer zone, Gold updated the previous high, break of structure and began to move up. The price updated the previous higher high, changed of character the movement, continued to rise and made a fake breakout of the resistance level of 2050. After the fake breakout, Gold retested the resistance level and began to decline. Not so long ago, the price reached the buyer zone, where it formed a new low, which never updated the monthly low. After testing the buyer zone, the price began to rise. On the 1 hour timeframe, we can see how Gold bounced from the level 1955, break of structure and began to rise. Making a small correction, the price proof the upward structure and continued to move. Now the price is trading above the resistance level and can continue to rise. I think that Gold has made a deep correction, retested the buyer zone and can continue to upward move towards previously accumulated liquidity. In this case, I set the targets at level 1975 and at level 1990. Please share this idea with your friends and click Boost 🚀
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