GOLD ! Strong momentum towards 1780 resistance. What's next?🙈

١ أغسطس ٢٠٢٢

GOLD is forming a strong upward momentum of 5.5%. The local chart shows that the local trend is broken and the market is dominated by the bulls, but the price cannot go up all the time, it simply will not find the energy to continue the move.

The gold is moving towards the strong 1780, which is a local liquidity zone, and I think a pullback is expected from this level.

I think that in the nearest future the gold might try to test the resistance at 1780.5, and after that a false-break-down will occur, and we might see a small pullback. My short term target is the crossing of the channel boundaries at 1750-1756.

Regards to R. Linda!