GOLD first - growth to RESISTANCE level. Then - FALL

5 Apr 2021

In April last year, the price was able to break through the strong support level of 1675.9. After that, for some time price moved in a direct channel between this level and the resistance level of 1762.3. And then it broke through the resistance level and rose sharply. This growth spurt occurred at the onset of the covid pandemic.

After that, the demand for gold fell and investors began to sell it in large quantities, this can be seen from the global downtrend that has been going on since August. During this trend, the price once again broke through the level of 1762.3 and consolidated at the level of 1675.9. And now it has shown growth again and is close to the resistance level. I expect it to bounce off this level and then fall. The price will be able to break through the support level 1675.9, after which it will continue to fall and come to the support line 1602.0. This will be our goal.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻