🥇 GOLD Retest of downtrend resistance
Gold is forming a downward price channel.
Something similar to the "triple bottom" pattern is forming in its lower part and apparently the bulls are trying to defend the market.
TA on a high timeframe:
1) The trend is still bullish, hence the buyers are still trying to fight
2) The price needs to gain liquidity to continue rising, most likely by false breakdowns of support the price could have already done that
3) If gold breaks the resistance area, there will be a burst of activity, which might push the price up
The TA on the low timeframe:
1) A few hours ago, price made a resistance retest in a line-touch format
2) The price after a small pullback turns back to the line
3) If a pre-breakdown consolidation starts, gold will try to break the resistance area
4) At the moment I expect the price will not be able to break the line and will continue its fall within the descending channel
Key resistance: upper limit of the descending channel
Key support: 1970
Something similar to the "triple bottom" pattern is forming in its lower part and apparently the bulls are trying to defend the market.
TA on a high timeframe:
1) The trend is still bullish, hence the buyers are still trying to fight
2) The price needs to gain liquidity to continue rising, most likely by false breakdowns of support the price could have already done that
3) If gold breaks the resistance area, there will be a burst of activity, which might push the price up
The TA on the low timeframe:
1) A few hours ago, price made a resistance retest in a line-touch format
2) The price after a small pullback turns back to the line
3) If a pre-breakdown consolidation starts, gold will try to break the resistance area
4) At the moment I expect the price will not be able to break the line and will continue its fall within the descending channel
Key resistance: upper limit of the descending channel
Key support: 1970
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