🥇GOLD - A retest of Fibo signals a fall. Difficult situation

29 ביולי 2023

Gold on Friday is buying back some of the fall that happened on Thursday. A correction is forming and price is testing a previously broken line and a key fibonacci area

TA on the high timeframe:
1) In the coming trading week, we should pay attention to the consolidation forming in the 1984 - 1938 range boundaries
2) A breakout of the lower boundary will break the mentioned reversal pattern
3) Breakout of the upper boundary will give development of the specified potential and the phase of reversal pattern realization will begin.



TA on the low timeframe:
1) Technical analysis points to a possible fall on Monday, as the retest of Fibonacci levels 0.5 and 0.382 forms a consolidation below trend support, which forms an entry point for selling.
2) A strong support was broken earlier on the news, after which a consolidation correction is formed
3) If the price does not break 0.5 fibo, it will form an entry point to sell below support. The price in this scenario will head towards 1933

Key resistance📈: 0.5 fibo
Key support📉: 0.382 fibo