RLinda ! GOLD-> Gold inside the range. What to expect?

١٢ سبتمبر ٢٠٢٢

GOLD: On the chart, we see a global downward price channel, the 1732-1692 range, in which the price has been trading for over a week.


The price is in a global bearish trend, strong downward impulses, updating the global lows - a clear strength of the sellers. The price in the falling phase tested the support zone of 1692, but the liquidity zone has not been tested, so it is impossible to determine the exact direction yet.


We should pay attention to the formation of the pattern "Double bottom" when the support zone of 1692 is retested and the upward impulse is formed. The price renews the tops and heads towards the resistance zone. From this zone I expect the development of several senarios - 1) False breakout and pullback to the range support, 2) shallow pullback and retest of resistance and transition to the scenario #3 - breakout of resistance on the retest and growth to the 1765 zone.

Regards to R. Linda!