🥇GOLD - Support Retest. What can it lead to?

28 авг. 2023 г.

Gold continues to strengthen.On Monday, the price is strengthening and testing the nearest key resistance. On the D1 chart we see a bearish trend, and on the local chart a gradation of resistances from 1922 to 1916 is forming, forming a tightness

TA on the high timeframe:
1) Gradually declining highs points form a bearish trend
2) Price forms a rebound after updating the local minimum

TA on the low timeframe:
1) Gold is in a bullish channel
2) A rebound from support is forming and the price is testing 1918.97.
3) A bounce from resistance to support may be followed by a bounce to support and then price may strengthen and form a shakeout against 1916-1922 before falling further.
4) From Friday to Monday we see a strong spike down - a shakeout in the market, now price may see the same thing, only upwards.

Key resistance📈: 1918.97
Key support📉: 1911, 1910