🥇GOLD - Resistance Retest. (To breakout or to fall?)
Updated
Gold is forming a resistance retest. Against the background of the global descending channel, the price may form a false breakout, but against the background of consolidation near resistance, the chances of a breakout increase.
TA on high timeframe:
1) We have the formation of the 1934-1907 range. There is a false breakout and pin-bar formed against resistance.
2) Price is likely to form a retest now before further breakout
TA on the low timeframe:
1) a sideways range is still forming in the market
2) The dollar continues to strengthen and surprisingly, so does gold. But the dollar has a positive fundamental background. And gold, most likely, the market is pulling up to the liquidity area
3) We watch the price reaction. If there is a breakout of resistance, we should wait for consolidation above 1928-1930 to buy.
4) False breakout will form a consolidation below resistance. Only after confirmation of one or the other should we sell or buy
Key resistance📈: 1928.5, 1930
Key support📉: 1915, 1908
TA on high timeframe:
1) We have the formation of the 1934-1907 range. There is a false breakout and pin-bar formed against resistance.
2) Price is likely to form a retest now before further breakout
TA on the low timeframe:
1) a sideways range is still forming in the market
2) The dollar continues to strengthen and surprisingly, so does gold. But the dollar has a positive fundamental background. And gold, most likely, the market is pulling up to the liquidity area
3) We watch the price reaction. If there is a breakout of resistance, we should wait for consolidation above 1928-1930 to buy.
4) False breakout will form a consolidation below resistance. Only after confirmation of one or the other should we sell or buy
Key resistance📈: 1928.5, 1930
Key support📉: 1915, 1908
Note
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