🥇GOLD - Bounce to resistance before further decline

6 בספט׳ 2023

Gold does form a false breakout of a strong resistance area. Pay attention to the D1 chart on the left. There is a chance that gold could go down to 1885 or even 1840

TA on the high timeframe:
1) Bearish trend and global price channel keep the price above 1950
2) False resistance breakout forms a sell signal

TA on the low timeframe:
1) Price forms an attempt to change the local ascending channel.
2) Price tests 1922 and forms a rebound. The correction may reach the 1930-1935 area. This is like a major step before a further fall
3) We see a trend change and in the long term we should look for strong resistance levels to find a sell entry point

Key resistance📈: 1930-1935
Key support📉: 1922