🏅GOLD - Rally to resistance. Breakout or rebound?

30 мая 2023 г.

Gold is forming an interesting situation. While the U.S. had Monday off, there was suddenly a 270 pip candlestick on the chart, which could take traders who traded on Monday out of the market.

TA on a high timeframe:
1) A huge candle on the local timeframe was drawn only at those brokers who opened the gold trading session on Monday. Part of the market was not working that day.
2) A huge tail is forming on Tuesday, indicating bullish potential. If the price breaks through the resistance, the bulls will take over the situation
3) Fundamental analysis is on the side of gold. Important data will be released on Thursday and Friday of this week

TA on the low timeframe:
1) A retest of bear channel resistance is forming
2) If the news sells the dollar lower, gold will continue its rise, in which case it will break trend resistance, and 1968.
3) The gold failed to break through 1935, and a strong rebound is formed.
4) This pullback might be directed to 0.382 Fibo (1983) A break-up of this area will send the price to 0.5 Fibo and then to 0.618 Fibo, but in this case the bullish trend will resume

Key resistance: 1963, 1968
Key support: 1954