Gold can start to grow from support line of upward channel

28. Aug.

Hello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price some time ago started to grow inside the upward channel and soon reached the 2440 support level, which coincided with the buyer zone and broke it. Then it rose a little higher and then made a correction movement back to the 2440 support level, which moment coincided with the support line and then at once rebounded up. Gold reached a resistance level, which coincided with the seller zone, and made a fake breakout of this level, after which in a short time declined almost to support line of the channel. Next, XAU continued to grow and later reached the 2525 resistance level one more time and some time traded near. But recently Gold rebounded from this level and dropped, so, I think that the price can fall to the support line and then start to grow to the resistance line, breaking the resistance level. For this case, I set two TP, first at the 2525 resistance level, and second - at the 2555 level, near the resistance line of the channel. Please share this idea with your friends and click Boost 🚀