🥇GOLD - The bearish trend may continue

25 ביוני 2023

Gold closes the week with a big minus. the rebound from 0.618 Fibo forms a pullback and retest the previously broken level of 1939.325.

TA on the high timeframe:
1) We should probably expect a small pullback after breaking the level
2) The pullback may end up with further falling as the market starts to develop a downtrend.

TA on a low timeframe:
1) Price forms a new range of 1939 -1910
2) Most likely, the formation of the range may last for a few days
3) I expect the retest of 1925 (or growth to 1939) with the subsequent fall to 0.618 Fibo
4) If the 0.618 fibo is broken and the price forms a consolidation below this level, a new downside phase will begin

Key resistance📈: 1925, 1939
Key support📉: 1916, 1910