RLinda ! GOLD -> A rebound from a strong support zone

26 Jan 2023

Gold is in consolidation, but this consolidation has the form of an ascending wedge, which is also in an ascending price channel.

Strong analysts and large investment figures believe that the gold in the near future could go into a correction phase, after which the growth will continue, but not as active.
A "rising wedge" pattern is forming on the chart, which aims at a break-down of the support and making the price fall, but there are no prerequisites at the moment. Earlier (several weeks ago), a similar set-up was formed, but as we see, the price has already tested the multi-month high of 1949.26.

The price forms a pullback to the channel support, I expect the retest of the strong zone and a bounce of the price. Our target in this case will be the resistance area of 1945-1950

Regards R.Linda!