🥇GOLD - price corrections before a trend-following decline
Gold finally breaks the lower boundary of the bearish channel. The market is forming a 0.6% impulse drop and the price is testing 1914.4. Technical pullback may fix the price in the zone for selling after which the fall will continue
TA on the high timeframe:
1) Breakout of the range support forms a strong impulse. The way is open for a decline to 1892
2) Price forms a retest of the liquidity area. High chance of a rebound
TA on the low timeframe:
1) Channel support is finally broken. Price formed an impulse to 1913 after which we see a correction to retest the previously broken support
2) Most likely the price may test the old flat - 1923.8, form a false breakout and continue its fall in the direction of the trend.
3) It is worth paying attention to the level of 1923.9, 1930.9 to look for sell signals.
Key resistance📈: 1923.9
Key support📉: 1913, 1900
TA on the high timeframe:
1) Breakout of the range support forms a strong impulse. The way is open for a decline to 1892
2) Price forms a retest of the liquidity area. High chance of a rebound
TA on the low timeframe:
1) Channel support is finally broken. Price formed an impulse to 1913 after which we see a correction to retest the previously broken support
2) Most likely the price may test the old flat - 1923.8, form a false breakout and continue its fall in the direction of the trend.
3) It is worth paying attention to the level of 1923.9, 1930.9 to look for sell signals.
Key resistance📈: 1923.9
Key support📉: 1913, 1900
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