🥇 GOLD Change of local trend. The beginning of the correction
Gold breaks the ascending wedge pattern and is about to change the local trend. The high timeframe shows us a controversial situation. Let's get to the bottom of this
TA on the high timeframe:
1) Right chart - breakout of a strong support area. The price gets the potential to aim for 1940
2) Left chart - breakout of 50SMA and 100SMA. There is strong support ahead from the 200SMA, which is in the 1960 area
3) We see a clear correction, price is not yet ready to continue rising. Most likely there is not enough liquidity in the market and we need to gather energy for further movement.
TA on the low timeframe:
1) We see a breakout of consolidation support. Price is in the red zone
2) Price is likely to return to the 1982 area for a retest.
3) Confirmation of the support, which has become resistance 1982 may be in the form of a false break and thus will form a signal for a continuation of the correction.
4) The potential for a corrective movement could be towards 1950
Key resistance: 1982
Key support: 1965, 1950
TA on the high timeframe:
1) Right chart - breakout of a strong support area. The price gets the potential to aim for 1940
2) Left chart - breakout of 50SMA and 100SMA. There is strong support ahead from the 200SMA, which is in the 1960 area
3) We see a clear correction, price is not yet ready to continue rising. Most likely there is not enough liquidity in the market and we need to gather energy for further movement.
TA on the low timeframe:
1) We see a breakout of consolidation support. Price is in the red zone
2) Price is likely to return to the 1982 area for a retest.
3) Confirmation of the support, which has become resistance 1982 may be in the form of a false break and thus will form a signal for a continuation of the correction.
4) The potential for a corrective movement could be towards 1950
Key resistance: 1982
Key support: 1965, 1950
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