GOLD → The 1988 and 1981 levels play a key role before the fall

24 thg 4, 2023

Gold breaks the channel support and breaks the key 1988 level, testing the local liquidity zone. The scenario is starting to change to red. What to expect from the price?

The asset is now moving back to the 1988.335 level for a possible retest. Since the price broke the uptrend, there is a high probability that the price will continue falling from the resistance area.
The resistance 1988 plays a key role for us, the price can make a false-break, so it is worth paying close attention to this zone, as well as to the lower boundary of the uptrend channel.
Also for us there is an important support level, 1981, a breakthrough of which will trigger a strong momentum.

Strong resistance: 1988 (false-break-down strategy), the bottom line of the ascending channel (retest and false-break-down).
Strong support: 1981 (breakdown strategy), the area of 1968.
I expect the price can bounce from 1988 and continue its fall, with a break-down of 1981, and a fall to 1950.

Regards to R.Linda!

24 thg 4, 2023

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