RLinda ! GOLD-> price is headed for strong support

23 Nov 2022

Gold is in the correction phase after trend breakdown. The price fell almost 3% from the high, it has 1727 support ahead and the 0.618 Fibonacci zone below.


(Daily timeframe. Technical analysis based on Gartley pattern and horizontal levels)

We identified the beginning of a Gartley pattern correction, the price dropped to the key support level on the daily timeframe - 1729, but at the same time the price is forming a consolidation above the zone. A false breakdown from below could result in a volume surge and a bullish reaction, which could affect price's recovery.

The situation near this zone is complicated, with a bounce we should expect the price to rise to resistance at 1765.
In case of breakdown and consolidation of the price under the level there is a chance of downfall to the bottom - 1716

Regards R.Linda!