🥇GOLD - Stopping can lead to corrections and declines
Gold stops after an active rally. The price is testing 1963 and forming a double top. Consolidation after resistance breakout may lead to correction.
TA on the high timeframe:
1) Gold is still unable to pass through the resistance of 1963, a bearish candle and a stop is formed on D1. The candle closes below the opening of the previous candle.
2) Price stops after the rally. The next phase begins and the price may form a correction
TA on the low timeframe:
1) gold is up between 1963 and 1953. The range formed is holding back the price.
2) The potential accumulated earlier can push the price up even further, but it should be realized that gold will not grow continuously. A pullback and trapping a certain part of traders is needed
3) The priority is to expect a pullback before further strengthening
Key support📉: 1953, 1949, 1938
Key resistance📈: 1963
TA on the high timeframe:
1) Gold is still unable to pass through the resistance of 1963, a bearish candle and a stop is formed on D1. The candle closes below the opening of the previous candle.
2) Price stops after the rally. The next phase begins and the price may form a correction
TA on the low timeframe:
1) gold is up between 1963 and 1953. The range formed is holding back the price.
2) The potential accumulated earlier can push the price up even further, but it should be realized that gold will not grow continuously. A pullback and trapping a certain part of traders is needed
3) The priority is to expect a pullback before further strengthening
Key support📉: 1953, 1949, 1938
Key resistance📈: 1963
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