Gold Price Analysis: We Can See Gold Reach 1945 Over The Next Week

Posted by Klejdi Cuni on

Over the past week, we have seen the price delete almost 5.4%
from its profits.
Uncertainty about the talk agreement of the war still holds the price
goods in a very strong pressure and high panic.

However, talks between the two countries are looking a little better and
hopes for a deal that could be reached soon stopped GOLD at the peak of all-time time highs tested earlier in August-20

Technical Perspective:
Once the price reached again an all-time high, thus testing a strong resistance area
near 207 we saw a very strong price that reacted in 1960 to a matter of time
3 days.

It can be clearly seen that the wave has a 5-wave development. So if that's going to be true now we can wait
a 3-wave correction and the next move should be back down.
The first two areas of resistance where the price may face resistance before going below are 2008 and 20025.

Between these areas, we need to see how the price will react to the bear power being positioned there.

If the downtrend starts, the first two support areas where the price should face the first support is
close to 1945 and 1918.

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