RLinda ! GOLD-> False breakdown. The beginning of a correction?
GOLD advances to a price high of 1786.545 on Tuesday, up nearly 10.5% overall from the bottom. The price makes a new high on August 16, 2022.
(Chart1. Daily Timeframe. Technical Analysis)
On the global chart, price makes a false breakout of the 1765.575 level and today price is updating the low of the last 3 days.
On the hourly chart, a consolidation is forming under the level of 1765.23 after a false breakdown. The important zones ahead are as 0.786 FIBO and 0.618 FIBO, the latter is under the support of 1727.85. I expect that if this maneuver is not false and the price forms the first step for a technical pullback, the fall of the price can reach the 1727.85 zone and test the key Fibonacci level, which is at 1721.65
Regards R. Linda
(Chart1. Daily Timeframe. Technical Analysis)
On the global chart, price makes a false breakout of the 1765.575 level and today price is updating the low of the last 3 days.
- The price did not reach about 18 dollars to the resistance of the daily MA-200. Gold enters the range of 1765.5-1726.8 and it has a downside potential of 2.2%.
- Daily RSI is forming a bearish signal and it's signaling the beginning of a down-correction.
- Daily MACD is still bullish
On the hourly chart, a consolidation is forming under the level of 1765.23 after a false breakdown. The important zones ahead are as 0.786 FIBO and 0.618 FIBO, the latter is under the support of 1727.85. I expect that if this maneuver is not false and the price forms the first step for a technical pullback, the fall of the price can reach the 1727.85 zone and test the key Fibonacci level, which is at 1721.65
Regards R. Linda
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