🏅GOLD - Pressure from the bears leads to a retest of 2000
Updated
Gold reduces volatility and retests the 2000.95 level as part of a local downtrend. The price forms a local downtrend resistance, which indicates bearish pressure on the market.
TA on the high timeframe:
1) Consolidation near the 2000.995 level, which could lead to a breakout of support and the start of a strong bearish move.
2) The futures seek to test the 200-hour moving average
3) Note the set-up on the D1 chart (to the right in the corner) - a demonstration of accumulation that is preparing to break support
TA on the low timeframe:
1) Price bounces off downtrending resistance and tests support 2000 once again
2) Decline in volatility - the lull before some strong activity
3) The price has a strong liquidity area in the lower part of the price channel, which it may reach after a breakout of 2000
4) There is a probability of breaking through the local resistance and rising to 2030, but there is little chance.
Key support: 2000.995.
Key resistance: 2016.188
TA on the high timeframe:
1) Consolidation near the 2000.995 level, which could lead to a breakout of support and the start of a strong bearish move.
2) The futures seek to test the 200-hour moving average
3) Note the set-up on the D1 chart (to the right in the corner) - a demonstration of accumulation that is preparing to break support
TA on the low timeframe:
1) Price bounces off downtrending resistance and tests support 2000 once again
2) Decline in volatility - the lull before some strong activity
3) The price has a strong liquidity area in the lower part of the price channel, which it may reach after a breakout of 2000
4) There is a probability of breaking through the local resistance and rising to 2030, but there is little chance.
Key support: 2000.995.
Key resistance: 2016.188
Trade closed: target reached
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