During the last week, the price has been moving within a small zone along the level of 1847.33, showing neither a strong rise or fall. Uncertainty in the movement of gold prices gives us two options for the development of events.
First option. The price starts to rise and breaks through the strong resistance line at 1871.46. After that, it is fixed on it and continues to grow to the resistance zone 1953.66.
Second option. The price also starts to grow, but cannot break through the resistance line and the level, it will bounce off them in the area of 1877.27 and fall to the support level of 1794.17. And only after that it will show a new growth and come to the resistance line 1888.87.
To summarize, the most important indicator of price movement will be a breakout of a strong resistance line. It has existed since May 2019. Important! First, we need to wait for a specific price movement, understand which of the options it will move, and then we can enter into a buy trade.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻