RLinda ! GOLD-> Consolidation on the support line. What's next?

16 Dis 2022

Gold is in consolidation. After a rather active growth, it is testing the support of the price channel. The price is in the risk zone, what should we expect next?

A consolidation without a bounce after a big drop might mean that the price can continue falling, in which case it can quickly reach the support of 1765, but the gold is still trading above the channel support.

I assume that at the moment the buyers are trying to hold the support area of the channel and try not to let the price go down, as that would provoke selling.

There are two possible scenarios.
1) If the bulls manage to keep the support of the channel, the price may reach resistance 1807 in the nearest future
2) If the support is broken through, we should expect the retest and the price consolidation under the level, and the price will go to 1765, and then to 1744.

Regards, R. Linda!

16 Dis 2022

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