🥇GOLD - A retest of the resistance zone may lead to a fall

10 июл. 2023 г.

Gold is making a false breakout of resistance and testing local support while the dollar is losing ground and testing areas of liquidity

TA on the high timeframe:
1) an attempt to break the resistance of the global channel is formed
2) The resistance of 1938 plays a key role
3) Flat is possible, but the medium-term outlook looks bearish
4) The dollar index is testing support and a quick rebound is possible, in which case gold will start to fall.



TA on the low timeframe:
1) Price is sandwiched between 1932 and 1922, a retest of resistance could form a consolidation and an entry point to sell.
2) If the dollar starts to rise the gold price will fall
3) Since we have a bearish trend and the price is inside the range, we have a chance to see a fall from resistance

Key support📉: 1922
Key resistance📈: 1932, 1935