GOLD → bullish signal to rise from SMA-200 & SMA-50

7 jun 2023

Gold has been in consolidation between 1965 and 1954 for 24 hours. Numerous retests of the resistance line are formed. Most likely, the market is preparing for strengthening.

False breakdown of the range support increases liquidity in the market and prepares the price for growth.
A strong resistance 1965 is formed on the chart and a pre-breakdown consolidation is formed.
A breakout and fixation of the price above 1965 will form a strong momentum towards 1984
Moving averages serve as strong support and form a signal that indicates a possible price strengthening.

Strong support: 1954
Strong resistance: 1965, 1970, 1984
I expect price strengthening after breaking through the level of 1965 and consolidation of the price above this line. The bulls are preparing for growth.

Regards R.Linda!