🥇 GOLD - Retest of market support, readiness to decline

2 авг. 2023 г.

Gold breaks through the 1963 resistance, but as it turns out this maneuver is false. The descending price channel is contributing to the price action, while at the same time price is retesting the support area and retracing back to that area to test the breakout attempt.

TA on the high timeframe:
1) Price is approaching range support. NFP related news may negatively affect the price
2) The liquidity area against which an entry point can be formed is around 1942. A breakout or false breakdown is possible



TA on the low timeframe:
1) On July 27, the price tests 1942 and forms a rally to 1973, after which the price does not go further, but comes back and tests 1942 again, but now already updating the local bottom
2) After a few hours and a retest of the liquidity area 1950-1955, the price returns to the support retest. Most likely the market is negative.
3) A pre-breakout consolidation is forming, which may break the market support under the pressure of fundamental factors.

Key resistance📈: 1950
Key support📉: 1942.5