RLinda ! GOLD->The fall continues. Transition into consolidation

19 Okt 2022

Gold prices fell more than 1.5% to a three-week low as the Dollar index, Treasury yields rose on bets on a steeper rate hike by the Federal Reserve, which reduced interest in gold.


The fall in the global chart continues and is directed towards the global low of 1614.925
The liquidity zone is below this support and a pullback in price reaction to this zone will probably follow

On the local chart the price breaks through the support of 1642 and after the bearish impulse the price tries to form a counter-trend technical reversal to the resistance area.
I expect a continuation of the fall to the support of 1622 with the subsequent rollback to the resistance zone of 1642. I assume that between levels 1642-1622 the price can pass to consolidation phase.

Regards R.Linda!