🏅GOLD - The price, within the pattern, is weakening again
Updated
Gold made a retest of the resistance on Friday and started to form a false H&S pattern. Most likely, the buyers are not able to hold the local uptrend support and the price might head towards 1939.
TA on the high timeframe:
1) The market and candlestick patterns show strong selling pressure
2) The fundamental backdrop for gold is neutral to negative. The Fed is willing to either hold rates or increase, which will negatively affect gold
3) The price is seeking the 1940 area of liquidity.
TA on the low timeframe:
1) Pay attention to the local highs, price has no opportunity to even test these levels. From the opening of the European session the price begins to fall, breaking the local support of 1954.
2) The nearest target is a strong support of the 1939 range
3) The price is in the range, so it should expect a pullback up from the support, and then, most likely, the support retest with a subsequent breakthrough and fall will follow
Key resistance 📈: 1960, 1967
Key support 📉: 1939
TA on the high timeframe:
1) The market and candlestick patterns show strong selling pressure
2) The fundamental backdrop for gold is neutral to negative. The Fed is willing to either hold rates or increase, which will negatively affect gold
3) The price is seeking the 1940 area of liquidity.
TA on the low timeframe:
1) Pay attention to the local highs, price has no opportunity to even test these levels. From the opening of the European session the price begins to fall, breaking the local support of 1954.
2) The nearest target is a strong support of the 1939 range
3) The price is in the range, so it should expect a pullback up from the support, and then, most likely, the support retest with a subsequent breakthrough and fall will follow
Key resistance 📈: 1960, 1967
Key support 📉: 1939
Note
The price keeps going down. Most likely in the near future gold could reach support
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