🥇GOLD → Price is exiting the bearish channel

22 באוג׳ 2023

Gold breaks the resistance and forms numerous retests of the line, most likely this indicates that the market does not have a clear phase and there is a chance of price transition from a directional trend state to a flat state

TA on a high timeframe:
1) One of the key supports is broken, the direction has a downward vector
2) A retest to the 1900 area is being formed, but at the same time, the daily candle closed on Monday indicates that the market is ready to continue its decline.

TA on the low timeframe:
1) After a false breakout and retest, price confirms a breakout of channel resistance
2) Price seeks to test the key resistance at 1902.73, most likely another bounce may follow from the line.
3) Global and local trend is still bearish, and any of the resistance lines may affect the price formation

Key support📉: 1891.87
Key resistance📈: 1902.73