🥇GOLD - Price breaks range support. Expect a decline
Updated
The gold breaks through the support and forms a consolidation below the 1939 level. Most likely concerning the level, the price might make a shakeout, in which case gold might test 0.5 Fibo before falling
TA on a high timeframe:
1) Consolidation is forming between 0.382 and 0.5 Fibo. After breaking through 0.5, price breaks support 1935 and forms price consolidation below this area
2) The liquidity area below 1925 and 0.618 fibo (1915) may become a downside target
TA on a low timeframe:
1) Breaking support and price consolidation below the level prepares the market for further declines.
2) Price enters a new range of 1939 - 1925, the support of 1925 may be the target of price movement.
3) The bears continue to press the market. I expect price decline.
Key resistance📈: 1939.325, 1944.
Key support📉: 1930, 1925
TA on a high timeframe:
1) Consolidation is forming between 0.382 and 0.5 Fibo. After breaking through 0.5, price breaks support 1935 and forms price consolidation below this area
2) The liquidity area below 1925 and 0.618 fibo (1915) may become a downside target
TA on a low timeframe:
1) Breaking support and price consolidation below the level prepares the market for further declines.
2) Price enters a new range of 1939 - 1925, the support of 1925 may be the target of price movement.
3) The bears continue to press the market. I expect price decline.
Key resistance📈: 1939.325, 1944.
Key support📉: 1930, 1925
Note
Note the perfect set-up.
The bears are breaking support at 1939.3 and for 7 hours they have been holding the price back, forming a consolidation below the level. A perfect entry point
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