🥇 GOLD Downward Channel. The price is getting ready to fall
Gold forms a downward price channel. The price breaks through the key 1988 liquidity zone and forms a retest. There is a high probability that the fall within the downtrend will continue
TA on high timeframe:
1) Price is testing the key support zone 1980-1981. The next retest could form a breakdown of this area
2) There are no bullish signals, the price is likely to correct.
3) Moving averages MA50 and MA100 act as resistances and the price is trying to test the MA200.
TA on the low timeframe:
1) Downward price channel is forming
2) The price forms a retest of the 1988 area, a strong resistance. The level can push the price back down
3) The local trend is bearish.
4) Most likely, after the resistance area is retested, the price may reverse and go downward
Key resistance 1988
Key support 1980-1981
TA on high timeframe:
1) Price is testing the key support zone 1980-1981. The next retest could form a breakdown of this area
2) There are no bullish signals, the price is likely to correct.
3) Moving averages MA50 and MA100 act as resistances and the price is trying to test the MA200.
TA on the low timeframe:
1) Downward price channel is forming
2) The price forms a retest of the 1988 area, a strong resistance. The level can push the price back down
3) The local trend is bearish.
4) Most likely, after the resistance area is retested, the price may reverse and go downward
Key resistance 1988
Key support 1980-1981
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