🥇 GOLD Shaking up the market. False breakdown of support
Gold is forming a global upward range, which is beginning to narrow as trading continues. There is a possibility of the beginning of a correction in the medium term, but so far there are few prerequisites for it.
TA on the high timeframe:
1) Consolidation is forming, but not as we are used to - in a sideways range, but in an upward range. The same was in December 2022.
2) Moving averages serve as a strong support zone
3) False-breaks of support can send the price up
TA on a low timeframe:
1) Uptrend.
2) Strong support in 2010 was tested again, but this time it was a false-break
3) Consolidation above 2010 would put the futures in the green zone, after which we might expect growth.
4) Bullish potential remains
Key support is 2010
Key resistance 2031, 2050
TA on the high timeframe:
1) Consolidation is forming, but not as we are used to - in a sideways range, but in an upward range. The same was in December 2022.
2) Moving averages serve as a strong support zone
3) False-breaks of support can send the price up
TA on a low timeframe:
1) Uptrend.
2) Strong support in 2010 was tested again, but this time it was a false-break
3) Consolidation above 2010 would put the futures in the green zone, after which we might expect growth.
4) Bullish potential remains
Key support is 2010
Key resistance 2031, 2050
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