Lingrid | GOLD buying OPPORTUNITY following RETRACEMENT

19 Jul

Yesterday's news release triggered a decline in the price during the New York session, suggesting it may take some time for the price to reach the 2500 level. The market has already pulled back by one-third of its initial bullish rally, and I believe it may be entering a consolidation phase, potentially forming a trend continuation pattern such as a triangle. The support zone between 2400-2410 could present an opportunity for traders who missed the initial bullish rally to go long if the price action presents bullish signal. I expect a retest of the resistance zone at 2450 from this support level as the price is losing bearish momentum. However, if the market continues to decline, the next significant support level would be at 2380. My target is resistance zone at 2449.


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