🥇 GOLD - FB of resistance. When will the growth continue?
Updated
GOLD is not giving up. The price continues to observe the boundaries of the uptrend. Another retest of resistance after a test of support is being formed.
At this point, a setup is forming, after which a correction to the trend support area may be formed
Prerequisites for a pullback and further growth:
1) Price tests resistance three times, each new reversal is formed from the lowest point. There is no update of the high
2) The range is formed, the range resistance is 2004. False breakout leads to correction
3) Correction target may be 1985, 1980.
4) The upside will continue as the metal still has high interest due to the war in the middle east and the weakening dollar.
Key support: 1985, 1980
Key resistance: 1996, 2004
At this point, a setup is forming, after which a correction to the trend support area may be formed
Prerequisites for a pullback and further growth:
1) Price tests resistance three times, each new reversal is formed from the lowest point. There is no update of the high
2) The range is formed, the range resistance is 2004. False breakout leads to correction
3) Correction target may be 1985, 1980.
4) The upside will continue as the metal still has high interest due to the war in the middle east and the weakening dollar.
Key support: 1985, 1980
Key resistance: 1996, 2004
Trade active
We see a bullish channel forming. The price is testing the 1992 support and the uptrend support.
The past scenario is still valid. The price from the support is able to strengthen towards the resistance of the key range (flat)
Price consolidation above 1996-1998 will form a buying potential up to 2010
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