RLinda ! GOLD-> A false resistance breakdown. What next?

8 Sep 2022

GOLD - On the chart I marked a trading range inside the descending price channel. The boundaries of the range are 1720 - 1698. The global trend is downtrending, the price forms a false breakdown of the resistance of the range.

On the chart you can see that yesterday after testing the support the price rolled back to the upper boundary of the range, at the moment there are no prerequisites for a strong growth or for a strong decline, but it is worth considering the trend direction.

I assume that since the price has already made a false-break of the resistance at 1720 and is forming a consolidation under the resistance, we might see a fall in the trend to the support. The short term target is the support of the 1698 range.

Regards to R. Linda!