🏅GOLD - Consolidation after the rally. Rollback or continuation

3 мая 2023 г.

Gold forms a bullish momentum and moves into a consolidation format between 2019 and 2014. If the support is broken, the price will move into a correction phase, but there are prerequisites for the growth to continue as well

TA on the high timeframe:
1) Bullish momentum allows MA-50, MA-100 and MA-200 as support again.
2) Also, strong support is forming in the area of 1980
3) Breaking through the strong trend line opens up new potential.

TA on the low timeframe:
1) After a strong rise, price forms a consolidation.
2) If the bulls are able to hold the 2014 area, then all potential will be aimed at breaking through resistance.
3) If after a strong rally the price does not fall, but consolidates and presses up against resistance, then the market is preparing for growth.
4) The news, which is interpreted quite ambiguously, is ahead. I advise to trade carefully, respecting the risks and using stop-losses

Key support: 2014, 2010 and downtrend line
Key Resistance: 2019, 2030 and 2048

3 мая 2023 г.

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