GOLD → Price is heading for new lows. What to expect from gold?
Updated
XAUUSD is falling. There was a breakout of the support level. At the moment the gold is in the range 1939 - 1914. Regarding this flat, various scenarios are possible. What to expect from the price in the near future?
Obviously, the price is aimed at testing the liquidity zone, which is below 1914. Yesterday, before the American session closed, the price tested the previously broken strong level. There was a shakeout relative to 1939. Now, after capturing the liquidity of 1939, the price is headed down.
On the H4, the local resistance level of 1928 is formed and the price is consolidating lower. Gold is likely to hit a new low (1914 or 1900) before a bullish pullback.
At the moment, the market is bearish. Until the price breaks one of the key resistances, it will not change. But the price is not going to do that yet :)
Resistance levels: 1928, 1939, SMA-50
Support levels: 1920, 1914, 1885
I expect the price fall to 1914. A small pullback may follow from this support, which may further lead to a breakout and a decline to 1900.
Regards to R. Linda!
Note
We are reaching our local target. Gold forms the 1939-1914 range. Bounce from the support is possible. If the price goes to the retest of 1914 we should expect a breakout and further decline
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