🥇 GOLD False breakdown on D1. Short?
Gold forms a false breakout of the 1981 level and freezes in place. There are disputable prerequisites for both rising and falling. Let's look into
TA on the high timeframe (left chart)
1) False break-down of the level 1981.
2) The candlesticks do not tend to renew the maximum, because there is no energy for this
3) RSI indicator comes out of the overbought zone (bearish signal)
4) MACD indicator forms a cross of the signal lines, indicating a bearish signal
5) Everything looks like there is a probability of correctional movement beginning. The targets are 1930, 1905, 1850
TA on the low timeframe
1) The price is in consolidation. As we see the "rising triangle" pattern is forming.
2) If the buyers are strong, they will continue to hold the support line and try to break the resistance soon
3) BUT, the price closed close near the support line and it is also worth paying attention to the tandem of false breakdown and descending tops
4) I think that on Monday the price may try to break the support and thus activate a pool of orders that will push the price down
The situation is debatable, but there is a high probability of the beginning of a correction. It is worth keeping an eye on the support line on the low timeframe, a strong bearish momentum may form if this zone is broken
TA on the high timeframe (left chart)
1) False break-down of the level 1981.
2) The candlesticks do not tend to renew the maximum, because there is no energy for this
3) RSI indicator comes out of the overbought zone (bearish signal)
4) MACD indicator forms a cross of the signal lines, indicating a bearish signal
5) Everything looks like there is a probability of correctional movement beginning. The targets are 1930, 1905, 1850
TA on the low timeframe
1) The price is in consolidation. As we see the "rising triangle" pattern is forming.
2) If the buyers are strong, they will continue to hold the support line and try to break the resistance soon
3) BUT, the price closed close near the support line and it is also worth paying attention to the tandem of false breakdown and descending tops
4) I think that on Monday the price may try to break the support and thus activate a pool of orders that will push the price down
The situation is debatable, but there is a high probability of the beginning of a correction. It is worth keeping an eye on the support line on the low timeframe, a strong bearish momentum may form if this zone is broken
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