RLinda ! GOLD-> A pullback is expected. Bulls control gold

3 Jan 2023

Gold forms momentum and strengthens to 1849.9. The bulls continue to dominate the market. What to expect next?

As we can see, since the beginning of the new year and the opening of trading, the price reacts violently, and after a long accumulation it forms a bullish momentum and tests the resistance of the ascending range. This zone is quite strong, and I most likely expect a pullback to the previously broken level.

I assume price will go down from the resistance zone, but the potential remains bullish. In the near future, I expect a retest of the 1850 resistance level and an attempted retest of 1858, with further upside to the uptrend channel resistance.

Regards R. Linda!

3 Jan 2023

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