🥇GOLD - Stopping the fall. Flat. Resistance retest
Updated
Gold is recovering. After last week's big drop, a correction is forming. Most likely, the price may strengthen to 1939. But a bearish trend prevails.
TA on the high timeframe:
1) The strong downtrend continues. Price is testing the key level of 1935.
2) We should pay attention to strong resistance levels against the background of the bearish trend
TA on the low timeframe:
1) Price forms a 1910-(local level 1925)-1939 flat
2) The price consolidates at 1925. It is not advisable to open transactions in the middle of the range as part of a range strategy. We are waiting for the resistance retest.
3) Against the bearish trend the price may strengthen towards 1939, to overcome the local maximum of 1937.3, after which the fall may continue.
Key resistance📈: 1937.3, 1939, 1945
Key support📉: 1918, 1910
TA on the high timeframe:
1) The strong downtrend continues. Price is testing the key level of 1935.
2) We should pay attention to strong resistance levels against the background of the bearish trend
TA on the low timeframe:
1) Price forms a 1910-(local level 1925)-1939 flat
2) The price consolidates at 1925. It is not advisable to open transactions in the middle of the range as part of a range strategy. We are waiting for the resistance retest.
3) Against the bearish trend the price may strengthen towards 1939, to overcome the local maximum of 1937.3, after which the fall may continue.
Key resistance📈: 1937.3, 1939, 1945
Key support📉: 1918, 1910
Note
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