RLinda ! GOLD-> false breakdown of support. What next?

GOLD continues to fall. And as a defensive asset against inflation, it is losing 21% of its price. On the chart we see that the price is trading in a global downward channel and repeats the pattern of July.

On the chart the price forms a false break of the support of the price channel and after capturing the lixity relative to the 1634 level we see the formation of an upward momentum.

The price at the moment is traded in the channel, and as an adequate reaction, we might see a pullback in the nearest future, but under the condition that the gold will consolidate above the support. The short-term target is resistance at 1679.

Regards R.Linda!