RLinda ! GOLD-> Bullish pattern on D1. What to expect next?
Gold has been in a consolidation phase for almost a month (since early December) after a strong rise. Gold is headed for strong resistance. What to expect from the 1807 level?
Gold has been recovering quite strongly since early November, but after a strong rally it went into a consolidation phase. It is worth noting here that there is no deep pullback, and we can assume that the growth will continue, but not in the short term. There is a consolidation resistance ahead, from which I expect a pullback.
On the global chart, we see the formation of a "cup and handle" pattern (bullish set-up). The price is in the retest phase of the important 1780-1820 zone. If this zone will be broken upwards, the formation of a strong impulse is possible.
The short-term target on a pullback from resistance 1807 is channel support. The medium-term target is resistance of 1840, 1858.
Regards, R.Linda!
Gold has been recovering quite strongly since early November, but after a strong rally it went into a consolidation phase. It is worth noting here that there is no deep pullback, and we can assume that the growth will continue, but not in the short term. There is a consolidation resistance ahead, from which I expect a pullback.
On the global chart, we see the formation of a "cup and handle" pattern (bullish set-up). The price is in the retest phase of the important 1780-1820 zone. If this zone will be broken upwards, the formation of a strong impulse is possible.
The short-term target on a pullback from resistance 1807 is channel support. The medium-term target is resistance of 1840, 1858.
Regards, R.Linda!
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