Gold Short Term Reversal

٨ مارس ٢٠٢١

The price of gold has reached the bottom of the consolidation channel. It is also in the vicinity of a strong support trendline. The RSI is quite oversold. All this pleads for a short term reversal to hit the upper level (1790~1800 USD) of the descending resonance channel. On the way, I also expect a temporary pullback at 1760 which has been a strong field of battle between bulls and bears for about a year.

Let me know in comment what you think about this scenario.

Cheers!