GOLD 23.10. Consolidation at fall. Bearish signal
Hi!
Let's take a look at the lower timeframes of gold
Let's take a look at the lower timeframes of gold
- 1) The price forms a local consolidation after the retest of support 1734. If the price enters below this zone, a surge in volumes and a decline in price to the key Fibonacci points of 0.618 and 0.5 is possible
- 2) On the daily timeframe, the price is squeezing the support, which indicates the players' intention to decrease the price.
- 3) On the 4-hour timeframe, the price is squeezed in a range. After testing resistance, the price returns to support. The first attempt of breaking through support may be played as a false-break and the market maker will continue gaining ground
- 4) Consolidation is formed on the downtrend, which may be regarded as accumulation for continuation of falling
- 5) Targets for short: 1721, 1701, 1667
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