GOLD - Price can bounce up from support line of pennant to $2370

19 Jun 2024

Hi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊

Recently price entered to wedge, where it at once bounced from support line to resistance line.

But soon, Gold turned around and in a short time declined back to support line, breaking $2400 and $2325 levels.

Then price made upward impulse to $2447 points, thereby exiting from wedge and breaking $2400 and $2325 levels again.

After which Gold started to decline inside pennant, where it fell to support level breaking $2400 level.

Next, price broke $2325 level too, but a not long time ago it rose back and now XAU trades close to support level.

In my mind, price can fall to support line of pennant and then bounce up to $2370, exiting from this pattern.

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20 Jun 2024

Nota

Price did not decline to support line, it rose almost to the resistance line of the pennant, so, I think that Gold can bounce from this line and start to decline