🥇 GOLD Change of local trend. The beginning of the correction
Gold begins to form a downtrend (local). As evidenced by the emerging downtrend channel. There is a possibility that the price may fall from the 1993 level to 1960.
TA on a high timeframe:
1) Attempt to break the strong support of 1990
2) False breakdown at 1990 does not give a reaction in the form of an up-trend
3) The price goes back to 1990 - a retest is formed which may lead to further falling
TA on a low time frame
1) The downward channel is formed. The price has tested the resistance area
2) There is a local support on the chart - 1993.
3) If the price fixes under the 1993 level, a bearish set-up will be formed
4) I assume that this is the beginning of correction on the uptrend.
Key resistance: channel resistance, level 2000
Key support: 1993, 1980, 1960
TA on a high timeframe:
1) Attempt to break the strong support of 1990
2) False breakdown at 1990 does not give a reaction in the form of an up-trend
3) The price goes back to 1990 - a retest is formed which may lead to further falling
TA on a low time frame
1) The downward channel is formed. The price has tested the resistance area
2) There is a local support on the chart - 1993.
3) If the price fixes under the 1993 level, a bearish set-up will be formed
4) I assume that this is the beginning of correction on the uptrend.
Key resistance: channel resistance, level 2000
Key support: 1993, 1980, 1960
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