🥇 GOLD - Resistance test before falling
Updated
Gold can't overcome the resistance as the market has no potential at the moment against the backdrop of a strong dollar. Perhaps the whales are waiting or the market maker is aiming to take the price even lower before further growth, but the gold is currently showing signals for further decline rather than growth.
Reasons for further declines:
1) Consolidation near support.
2) Price continues to update local lows
3) Bearish trend
4) Dollar is strengthening
5) Retest of resistance may send price to support
6) Another retest of 2016.82 support will break it and price may continue the bearish trend
Reasons for further declines:
1) Consolidation near support.
2) Price continues to update local lows
3) Bearish trend
4) Dollar is strengthening
5) Retest of resistance may send price to support
6) Another retest of 2016.82 support will break it and price may continue the bearish trend
Trade closed: target reached
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