🏅GOLD - False break of key support
Gold is waiting for the Fed's rate information. The price makes a false break of the channel support and forms a retest of the 1952 level.
TA on the high timeframe:
1) False break of the strong support of 1954, but at the same time the price closes very close near the level, which can be interpreted as a willingness to continue falling
2) A strong correction is forming, the fundamental background is not favorable
3) There is an increase in FOMC rate, which may negatively influence gold
TA on the low timeframe:
1) A retest of downtrend channel support could form a rebound to resistance 1977
2) If the price comes back to support, there is a high probability of breaking through the descending line and making a retest of 1952.
3) The trend is descending, so selling is a priority
4) The retest of 1977 and the following fall to support is possible.
Key resistance: 1968, 1977
Key support: 1959, 1952
TA on the high timeframe:
1) False break of the strong support of 1954, but at the same time the price closes very close near the level, which can be interpreted as a willingness to continue falling
2) A strong correction is forming, the fundamental background is not favorable
3) There is an increase in FOMC rate, which may negatively influence gold
TA on the low timeframe:
1) A retest of downtrend channel support could form a rebound to resistance 1977
2) If the price comes back to support, there is a high probability of breaking through the descending line and making a retest of 1952.
3) The trend is descending, so selling is a priority
4) The retest of 1977 and the following fall to support is possible.
Key resistance: 1968, 1977
Key support: 1959, 1952
All about GOLD🥇
Trading Tips💡
Secrets of🔑
Analysis📊
Forecasts🔔
FREE TELEGRAM:
🌹 Telegram channel: t.me/Go1dTech
😍 My contact: t.me/GoldTech
Trading Tips💡
Secrets of🔑
Analysis📊
Forecasts🔔
FREE TELEGRAM:
🌹 Telegram channel: t.me/Go1dTech
😍 My contact: t.me/GoldTech
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.