🥇GOLD - The buyer is out of the market. A big drop

2 באוק׳ 2023

Gold is forming a strong decline. The price is breaking support levels without any particular reaction from the buyers. The decline is likely to continue until gold finds strong support

TA on the high timeframe:
1) The market is breaking the 0.5 fibo area and forming further momentum. One of the key support levels may be tested soon
2) An area of liquidity that can stop the price still far away

TA on low timeframe:
1) The 0.5 fibo is broken, at 1840.9.
2) Price is heading towards 1825, a correction can be formed from this level. After the correction, it makes sense to expect a fall. Within the counter-trend correction the price may reach 1930, 1940.
3) Medium-term target for us is 1807 (level from the weekly chart)

Key support📉: 1825, 1815, 1810
Key resistance📈: 1840