Gold is in a downtrend forming a counter-trend correction. Friday's trading session closes below the key level of 3203-3205. Buyers are weaker than sellers.
But, before the continuation of the fall MM is quite likely to test the resistance to provoke ordinary buyers before the fall
Scenario: the growth attempt may turn out to be false. A retest of 3203 resistance, a false breakout and price consolidation below 3203 is a sell signal.
Additional scenario: MM trap to provoke buyers to buy. A retest of the far resistance 3230, a false breakout and a price fixing below 3223 could start a decline
But, before the continuation of the fall MM is quite likely to test the resistance to provoke ordinary buyers before the fall
Scenario: the growth attempt may turn out to be false. A retest of 3203 resistance, a false breakout and price consolidation below 3203 is a sell signal.
Additional scenario: MM trap to provoke buyers to buy. A retest of the far resistance 3230, a false breakout and a price fixing below 3223 could start a decline
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❤️ Telegram channel: t.me/AndeWave
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.