RLinda ! GOLD-> Technical rollback. What's next? ↑or↓

21 Mar 2023

Gold is in a technical pullback phase. Like I said, the 1998 level, formed almost a year ago, was able to stop the price. How long will it be?

The gold forms a retest of the 1966 level, where the price retested that area also passes the upper boundary of the uptrend channel. Since we have an uptrend and it is strong enough, near the strong levels, there is a chance that after the retest the price will resume its growth from the 1966 area. The test may be a false-break.
BUT! If the price consolidates below the upper boundary of the ascending channel, the price may fall to 1925.

There are two scenarios that could happen. Therefore, we should wait for the price reaction on this zone, and only then make a decision. Consolidation above the 1966 level (after a false breakdown) will form a buy entry point. Consolidation inside the ascending channel may activate selling to 1925

Regards R. Linda!