GOLD → FalseBreakout support. Waiting for a signal from the SMA

6 ביוני 2023

Gold does not reach the key support of 1935. There is a false break of 1954, the support of the sideways range, followed by the formation of a prerequisite, indicating that the price is ready to rise.

The metal strengthens to 1964 on Monday and thereby returns to the consolidation boundaries.
The price consolidates above the support level by consolidation and gives us the premise that it is preparing for further upside.
How this has happened and will happen I have indicated in the pattern on the left.
The moving averages are acting as support and are about to form a signal that can give us growth.

Strong support: 1954, MA-200 + MA-50
Strong resistance: 1964, 1984.
I expect possible strengthening to the resistance area of the 1984 range after breaking through the local resistance 1964.

Regards to R.Linda!