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For gold, the resistance turned out to be not too strong. The rebound from the resistance reached 150 pips and the price broke through the level, turning the resistance into a classic support. This is how we currently consider the current rate, and considering the level that is currently possible, a correction to the support level and a rebound to the top of the channel is possible. Getting out or staying in the downward channel will be decisive. The exit may initiate a sharp upward movement, we will show the range when this occurs. A rebound, on the other hand, may deepen the correction, just as gold has often behaved outside the channel to return after a short consolidation and not give investors a chance to pick positions in the correction.
Of course, let’s not forget that each scenario must be taken into account and in the event of a breakout of the support, the alternative option should be considered.
