🥇GOLD - Consolidation below the support. Fibo retest

31 июл. 2023 г.

GOLD after retesting the support area of the uptrend forms a false break of 0.5 fibo and declines, updating the local minimum at the beginning of the trading session. The market is forming consolidation below the previously broken support

TA on the high timeframe:
1) Price in range, resistance was tested earlier
2) Price failed to make a new high on a retest of resistance 1984
3) Price is forming liquidity areas

TA on the low timeframe:
1) A decline is formed after a retest of broken trend support
2) Price declines to 1950 and forms a retest of 0.382 fibo.
3) Most likely the market is looking for the area of local liquidity and forms consolidation of the potential for possible movement in one or the other direction
4) It is possible to decline from 0.382 fibo, or growth from 0.5 fibo.

Key support📉: 1948
Key resistance📈: 0.382 fibo and 0.5 fibo