🥇 GOLD Price moves into a sideways range. Consolidation
Gold is strengthening to the price level of 2048.77.
The futures are declining and, as we see, moving into a sideways range with 2048 as resistance and 2031 as support
TA on the high timeframe:
1) Fundamental factors hint at a prolonged strengthening of gold
2) The trend is bullish.
3) Price reaches its maximum values.
TA on a low timeframe:
1) Price is trading above the 2031 level, which is strong support
2) Since price is now in range, on the last day of the trading week, there is a high probability that price will close the trading session in these limits.
3) The price is in the phase of implementation of the fourth Elliott wave. Correction for ascending movement is forming.
4) The price may make a false breakdown of the range boundaries
5) It is possible to open a long position at false breakdown of support
Key support is 2031, 2020
Key resistance 2050
Since we have a strong uptrend and the range where the price is, we may try to trade a false-break-down strategy relative to 2031
The futures are declining and, as we see, moving into a sideways range with 2048 as resistance and 2031 as support
TA on the high timeframe:
1) Fundamental factors hint at a prolonged strengthening of gold
2) The trend is bullish.
3) Price reaches its maximum values.
TA on a low timeframe:
1) Price is trading above the 2031 level, which is strong support
2) Since price is now in range, on the last day of the trading week, there is a high probability that price will close the trading session in these limits.
3) The price is in the phase of implementation of the fourth Elliott wave. Correction for ascending movement is forming.
4) The price may make a false breakdown of the range boundaries
5) It is possible to open a long position at false breakdown of support
Key support is 2031, 2020
Key resistance 2050
Since we have a strong uptrend and the range where the price is, we may try to trade a false-break-down strategy relative to 2031
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