RLinda ! GOLD-> Breaking support, moving to consolidation

30 Jan 2023

Gold makes all buyers nervous as the price breaks the prospect of a continued upward move. What's next?

As we can see, the price breaks the support of the price channel and forms numerous retests, which can be considered as an attempt to fix the price under the line.
There is a consolidation formation with the approximate boundaries of 1935-1917, which means that the price can trade within these boundaries for quite a long time. But at the same time there is a probability of a scenario for selling, provided the price breaks through the support of 1917, the price can go down to 1900.

At the moment the price is in consolidation 1935-1917, the market passes into the phase of accumulation (phase of neutrality). It is acceptable to trade both selling and buying, but at the same time it is worth to observe the risks.

Regards, R. Linda!