🥇 GOLD Breakthrough Range. Bearish signal
Gold for a long time was in a sideways range, which is gradually turning into a symmetric triangle format. A breakout of one of the boundaries will determine the further direction of the price movement.
TA on the high timeframe:
1) Bears are on the offensive from defense and forming a consolidation for a possible breakout.
2) Strong consolidation forms energy to break key support
3) A global set-up of "H&S" forms.
TA on the low timeframe:
1) Price breaks symmetrical triangle support
2) I expect the formation of a pullback to the previously broken boundary for a possible retest
3) Since the breaking of the support is accompanied by the bearish signals on the daily chart, most likely a counter-trend correction will start
4) I expect consolidation of the price below 1982-1983 with the subsequent fall of the price to 1969 and 1960
Key resistance: 1982, 1990, 1995
Key support: 1976, 1969, 1960
TA on the high timeframe:
1) Bears are on the offensive from defense and forming a consolidation for a possible breakout.
2) Strong consolidation forms energy to break key support
3) A global set-up of "H&S" forms.
TA on the low timeframe:
1) Price breaks symmetrical triangle support
2) I expect the formation of a pullback to the previously broken boundary for a possible retest
3) Since the breaking of the support is accompanied by the bearish signals on the daily chart, most likely a counter-trend correction will start
4) I expect consolidation of the price below 1982-1983 with the subsequent fall of the price to 1969 and 1960
Key resistance: 1982, 1990, 1995
Key support: 1976, 1969, 1960
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