GOLD touches SUPPORT level and returns to GROWTH

28 Jan 2021

Since November last year, the price has tried to form an ascending channel, but eventually broke through its upper line - the resistance line 1810.51 and left the channel and continued moving above it.

However, in early January of this year, the price collapsed and returned to the channel once again breaking through the resistance line, but this time during the fall at point 1860.06. During the last month, the price has been moving within the channel.

The other day it fell from resistance and made a false breakout of the support line 1837.32, which is the lower border of the channel. But after the breakout the price stopped at the strong support level of 1835.39 and now I expect that it will not be able to break through this level and return to growth.

I expect the price to bounce off the support level, break the line during the rally, and eventually come to the resistance line 1893.36.

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