🥇GOLD - The market is preparing for a recovery

6 באוג׳ 2023

Gold is forming a false breakdown of a strong support line. The support and liquidity area formed forms a bullish rally.

TA on the high timeframe:
1) False breakout. Price closes above the 1938 support line, gold may rise to 1950-1960 at the beginning of the trading week
2) Price is testing the liquidity area of 1942.8, the market may open with a gap or continue its growth if this resistance is broken.

TA on the low timeframe:
1) A candle with a large shadow is forming on H4, the price closes close to the 1942 level after a false breakdown
2) The market is forming a potential to continue rising
3) Waiting for the trend resistance to be reached before considering any further setups.

Key support📉: 1933
Key resistance📈: 1942