The GOLD price dropped a little more and is now in a strong support zone at position 1716.93. This zone is formed by two lines. The first one appeared in August 2020, the second stronger one - in July 2016!
Now the main question for all investors is when exactly gold will stop and begin to grow. I think this support zone is the perfect starting point for growth. I expect the price to bounce off it and rise towards the resistance zone. So my final target is the 1800.37 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 👩💻
@Viera28 Can I borrow your crystal ball to pick my lottery numbers this weekend?
Akku1991ranji
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@Viera28 i am also go down 1670
AND_CAPITAL_LLC
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how about the volume in that support line? what makes you think that the support will hold? it practically has never been tested before. What about institutional buyers and their positions as the price approaches the support?
Lingrid
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@AND_CAPITAL_LLC, I do not think that the price will fall to support.
I'll update the idea today, so don't miss it
HA9816
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love your ideas as always. I hope it goes up as I placed a buy at 1723. last night I made £600 profit on a buy on gold and my analysis and news made me thing gold will continue up but it dropped heavy and I lost my profit and most my funds 😭😭😭
Lingrid
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@HA9816, due to the fact that the market is now unstable, you should always be careful
do not forget about the stop loss, it will save your profit
imraal
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@Lingrid, further dropped down and mostly bearish movement. Do you think should continue to hold the buy position or get rid of it and look for new bottom below 1700? Cause it’s passed the support zone of 1716 already
Bears in control