🥇GOLD - Inside the range price breaks support
Updated
Gold is testing the resistance area of the global trend and breaking the local support. A rebound from 0.382 could reach the retest area and then the downside phase could activate.
TA on high timeframe:
1) Price is testing the liquidity area of the global downtrend channel
2) The liquidity zone 1939-1935 is not reached, most likely a market maker trap may follow
TA on the low timeframe:
1) A breakout of uptrend channel support forms
2) The price tests 0.382 Fibo and starts to form a pullback. There is a chance of the retest of the channel support or the level of 1932.
3) The price may also strengthen to 0.618 Fibo before declining further
4) The global TA says about the priority of further falling.
5) I think the local correction will end soon
6) The price may stay in the 1932-1910 range all week
Key resistance📈: 1932, 1939.
Key support📉: 1921, 1910
TA on high timeframe:
1) Price is testing the liquidity area of the global downtrend channel
2) The liquidity zone 1939-1935 is not reached, most likely a market maker trap may follow
TA on the low timeframe:
1) A breakout of uptrend channel support forms
2) The price tests 0.382 Fibo and starts to form a pullback. There is a chance of the retest of the channel support or the level of 1932.
3) The price may also strengthen to 0.618 Fibo before declining further
4) The global TA says about the priority of further falling.
5) I think the local correction will end soon
6) The price may stay in the 1932-1910 range all week
Key resistance📈: 1932, 1939.
Key support📉: 1921, 1910
Comment
price reaction to a breakout of support for a counter-trend correction. Retest of 1910 is forming
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