Last week gold showed a strong downtrend, simply dropped from the 1952.12 resistance zone. The price stopped only at the support line 1824.39.
This line of support starts in August 2020. Apart from the false breakout caused by the US elections in November, the price broke the line only once. At the end of December, the price was able to break through it during the growth at the point 1854.98. And this was the only serious breakdown of the line, after which the price rose to the resistance zone.
You can already see how, having touched the support line, the price of Gold begins to grow. I am confident that, despite the collapse, the price will return to its previous positions, that is, it will rise to the resistance zone.
If you are going to open a buy trade, I will never tire of reminding you of the importance of SL. In this case, install it below the support line around 1812.15.
Anyway, the target I expect is the 1952.12 resistance zone.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
I have a similar idea!
But 1812 is a good SL but 1795 will be better if it goes to 1800 zone