🏅GOLD - Consolidation after a false breakdown. Expect growth?
Updated
Gold makes a false break of the ascending price channel and thus confirms the presence of upward support.
There is a consolidation near the support, the price can break the support in case of a retest, but based on the situation, buying should be considered as a priority.
TA on the high timeframe:
1) Price in 1935-1981 range. Gold rises from support and falls from resistance. There is a chance that this time the price will rise from the support.
2) The chart at the left shows that the price has reached the liquidity area and forms a bounce
TA on a low timeframe:
1) A false break of the upward support line is formed, after this retest a consolidation above the line is formed. The bulls are trying to hold the area.
2) The local resistance is at 1948, if the price breaks the line, it will continue rising and the gold might get stronger towards 1954 and 1964.
Key support: 1942
Key resistance: 1954
There is a consolidation near the support, the price can break the support in case of a retest, but based on the situation, buying should be considered as a priority.
TA on the high timeframe:
1) Price in 1935-1981 range. Gold rises from support and falls from resistance. There is a chance that this time the price will rise from the support.
2) The chart at the left shows that the price has reached the liquidity area and forms a bounce
TA on a low timeframe:
1) A false break of the upward support line is formed, after this retest a consolidation above the line is formed. The bulls are trying to hold the area.
2) The local resistance is at 1948, if the price breaks the line, it will continue rising and the gold might get stronger towards 1954 and 1964.
Key support: 1942
Key resistance: 1954
Note
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