Gold can bounce off resistance line and fall below $1600
Hello my friends, today I want to talk to you about XAU/USD .
The price is currently moving in a downward local trend.
On the chart, we can see how the price approaches the resistance line.
I think the price will test this resistance line and bounce off it before trying to break through the support zone .
In this case, I decided to set two goals.
I see the first target at the level of 1618 and if the price breaks through this support zone and stabilizes below, the next target can be considered at the level of 1590.
I expect such a scenario
This is an article not financial advice, always do your own research.
If you still have questions, you can write it in the comments below and I will answer them.
And please don't forget to support this idea with your like and comment, thanks.
The price is currently moving in a downward local trend.
On the chart, we can see how the price approaches the resistance line.
I think the price will test this resistance line and bounce off it before trying to break through the support zone .
In this case, I decided to set two goals.
I see the first target at the level of 1618 and if the price breaks through this support zone and stabilizes below, the next target can be considered at the level of 1590.
I expect such a scenario
This is an article not financial advice, always do your own research.
If you still have questions, you can write it in the comments below and I will answer them.
And please don't forget to support this idea with your like and comment, thanks.
