🥇 GOLD Resistance Retest. The price is ready to break it
Updated
Gold returns to the range, the breakout was false.
Price after another retest of the wedge resistance rolls back to the 1980 level and consolidates above it - indicating bullish interest
TA on the high timeframe:
All stable. Price is forming a consolidation and an upward triangle in intent to break through 1990-2000 resistance. Clearly - the bulls are in control of the market.
TA on the low timeframe:
1) False breakdown of wedge support sends the price up - gold is not ready to fall, as the chart tells us
2) Another retest within one day is forming - a strong signal to break the resistance line.
3) The gold is preparing for growth - we have a strong consolidation in the range of 1985 - 1950.
4) Breakthrough of the wedge resistance will send the price to 2010
Support levels where you can buy: 1985 & 1975
Resistance levels (buyable upon breakout) 1990
At this point it is worth paying attention to a breakout or rebound strategy. The first will work on a breakout of the black downtrend line. The second would work on a rebound from these support levels
Price after another retest of the wedge resistance rolls back to the 1980 level and consolidates above it - indicating bullish interest
TA on the high timeframe:
All stable. Price is forming a consolidation and an upward triangle in intent to break through 1990-2000 resistance. Clearly - the bulls are in control of the market.
TA on the low timeframe:
1) False breakdown of wedge support sends the price up - gold is not ready to fall, as the chart tells us
2) Another retest within one day is forming - a strong signal to break the resistance line.
3) The gold is preparing for growth - we have a strong consolidation in the range of 1985 - 1950.
4) Breakthrough of the wedge resistance will send the price to 2010
Support levels where you can buy: 1985 & 1975
Resistance levels (buyable upon breakout) 1990
At this point it is worth paying attention to a breakout or rebound strategy. The first will work on a breakout of the black downtrend line. The second would work on a rebound from these support levels
Trade closed: target reached
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