RLinda ! GOLD-> The price moves into consolidation. What next?

15 mar 2023

Gold reacts to the retest of the support area (the base of the "Double Bottom" pattern). There is a reasonable reaction in the form of a bullish momentum of 160 pips. What to expect next?

Most likely, price is clamped in a sideways range of 1915-1890, and after such a strong move, price may bounce from the upper boundary and form a new pullback.
In the range, price moves sideways and trades between the boundaries.
I am looking at a breakout of resistance in the medium term. The subsequent rise after the breakout could be towards 1960.

I expect gold to be in consolidation for some time. A small pullback could form from resistance, presumably to 1900-1905. But if resistance breaks through 1915, I would expect a rally to 1925 - 1940.

Regards, R.Linda!