Gold trades inside wedge and can rise to resistance line
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Hello traders, I want share with you my opinion about Gold. When observe the chart, we can see how Gold retested the level 1950, started to rise, and broke through the area 1970-1980. After retesting the current support area, the price continued to rise, generated an upward impulse and reached the level 2030, from which it decreased, made a deep correction and continued to move up. Reaching the resistance area 2045-2055, Gold began to fall, and created a downward triangle in which it traded for a long time. After retesting, the support area, price continued upward, broke through the resistance line and left the triangle. Gold continued to rise and, after a small correction by an impulse movement, reached the resistance area and made a big fake breakout. After retesting the current resistance area, the price began to fall. Over time, Gold created a downward wedge and is now traded in the within. After a retest of the resistance line of wedge, the price continued to decline. Not long ago, the price retested the support line of wedge and increased. Now the price is trading above the support line and can continue to rise. I think Gold can continue upward move, so I decided to set the target at level 2000, which coincide with the resistance line of wedge. Please share this idea with your friends and click Boost 🚀
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