🏅GOLD - Resistance Retest. Possible continuation of the fall
Gold breaks through the 2000 level and declines within the descending channel. On the daily timeframe there are preconditions for the continuation of the fall.
TA on the high timeframe:
1) Tuesday's daily candle closes below the 1999.585 level, which determines the bears' mood to continue this move when price returns to retest 1983.74
2) A correction is forming on the back of the uptrend. Price is updating the lows.
TA on the low timeframe:
1) Price begins to form a pullback after a fall.
2) The primary targets for a pullback may be: the local highs of 1993, 1999. (possible retest of previously broken support)
3) The current trend is bearish (on the 1-hour timeframe), hence our task is to consider trades going down from strong resistance levels.
Key resistance levels are 1990, 1993
Key support 1983.74
TA on the high timeframe:
1) Tuesday's daily candle closes below the 1999.585 level, which determines the bears' mood to continue this move when price returns to retest 1983.74
2) A correction is forming on the back of the uptrend. Price is updating the lows.
TA on the low timeframe:
1) Price begins to form a pullback after a fall.
2) The primary targets for a pullback may be: the local highs of 1993, 1999. (possible retest of previously broken support)
3) The current trend is bearish (on the 1-hour timeframe), hence our task is to consider trades going down from strong resistance levels.
Key resistance levels are 1990, 1993
Key support 1983.74
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