🥇GOLD - The retest of the next support will lead to a decrease
Updated
Gold is renewing its lows. Price moves out of the bearish range and heads down. Consolidation of the price below 1939 leads us to a strong momentum towards 1918, after a pullback the price returns to retest the support.
TA on the high timeframe:
1) Consolidation lasted 3 weeks, most likely in 1-2 days the move after the breakout is not over.
2) The price pulls back after capturing liquidity below 1925, but then comes back to test support. This premise prepares the market for further declines
TA on the low timeframe:
1) The price is currently in a 1939-1925 flat. A retest of support may lead to further declines.
2) A breakout of 1925 will form a new bearish range - 1916 - 1925.
3) The market is red, bears continue to press the price.
4) I expect a breakout of 1925, as there is no reaction to support levels and price keeps coming back for retests.
Key resistance📈: 1925, 1939.
Key support📉: 1920, 1916
TA on the high timeframe:
1) Consolidation lasted 3 weeks, most likely in 1-2 days the move after the breakout is not over.
2) The price pulls back after capturing liquidity below 1925, but then comes back to test support. This premise prepares the market for further declines
TA on the low timeframe:
1) The price is currently in a 1939-1925 flat. A retest of support may lead to further declines.
2) A breakout of 1925 will form a new bearish range - 1916 - 1925.
3) The market is red, bears continue to press the price.
4) I expect a breakout of 1925, as there is no reaction to support levels and price keeps coming back for retests.
Key resistance📈: 1925, 1939.
Key support📉: 1920, 1916
Trade closed: target reached
Target reached
Price is testing 0.618 Fibo.
A bullish bounce after a false breakout is possible
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