Gold can start decline to support line of upward channel

May 19

Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price reached the support level, which coincided with the buyer zone, and soon broke this level and continued to grow inside the pennant. In this pattern, XAU rose to the current support level, which coincided with the support area, and even rose higher and reached the resistance line, after which turned around and made a correction to the support line of the pennant. Later price reached the 2400 level again and then made a strong downward impulse to the buyer zone, exiting from the pennant pattern and breaking the 2290 level. But soon, the price turned around and started to grow inside the upward channel, where it soon broke the 2290 level again. Next, Gold reached the resistance line, and made corrections to the support line, after which rebounded up to the support area, breaking the 2400 support level. As well recently, the price rose higher than the support area and now trades close to the resistance line of the upward channel. In my opinion, Gold can rebound from the resistance line and decline to the support line of the upward channel, breaking the current support level. For this case, I set my target at the 2370. points, which coincided with the support line of the channel. Please share this idea with your friends and click Boost 🚀