🏅GOLD - D1 expects fall, but H1 gives a bullish H&S
Gold after a false-break and rising to 1965 forms a false-break of resistance and enters a consolidation phase, which forms the right shoulder of the "Head & Shoulders" reversal pattern
1) The reversal pattern makes a false breakdown of the strong support 1935. If the right shoulder is formed and the price overcomes the pattern base or 1965 level, the active strengthening starts.
2) Formally we see the consolidation on the B1, where we clearly see that the price is not able to renew the maximums and break the local descending resistance
TA on the low timeframe:
1) A retest to the 1954 level is forming. This level can positively affect the price. But if the gold breaks it, it will go to 1950.
2) We see a local ascending price channel, but it is not a key figure at the moment, on the D1 the market is preparing for the continuation of the fall.
3) However, an active growth of gold may occur, if the dollar index will continue its falling
Key support: 1954, 1950
Key resistance: 1965
1) The reversal pattern makes a false breakdown of the strong support 1935. If the right shoulder is formed and the price overcomes the pattern base or 1965 level, the active strengthening starts.
2) Formally we see the consolidation on the B1, where we clearly see that the price is not able to renew the maximums and break the local descending resistance
TA on the low timeframe:
1) A retest to the 1954 level is forming. This level can positively affect the price. But if the gold breaks it, it will go to 1950.
2) We see a local ascending price channel, but it is not a key figure at the moment, on the D1 the market is preparing for the continuation of the fall.
3) However, an active growth of gold may occur, if the dollar index will continue its falling
Key support: 1954, 1950
Key resistance: 1965
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