GOLD will falling in channel

2020年11月9日

Strong market excitement has ended and gold is adjusting the price.
Despite the fact that the price tried to break through the resistance zone that I mentioned last time, I am sure that the price will go down. Most likely it was only a breakout attempt.

The price has no momentum for such a strong move (remembering how much it has risen recently).
Now I expect it to start dropping in the channel.

Plus, the upper channel line - the resistance line has been in existence since July 2020.
I marked the price touches on this line. In most cases, the price changed direction after that.

I expect it to happen again now.
Gold weakened after a strong surge.
The impetus for its growth - the uncertainty of the US elections - was blown away.
Plus - on the technical chart, the price is at a strong resistance line.
Everything speaks of falling.
I expect a target - a support zone at the intersection of two lines.

--------------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!