🥇GOLD - Retest of 1895 will determine the further direction

30 ביוני 2023

Gold is testing the wedge support and the level of 1895.34. The gradual renewal of the lows tells us about a strong downtrend and therefore it is a priority to consider selling.

TA on the high timeframe:
1) Something like a pin bar forms in relation to 1895
2) A bounce to 1914-1920 is possible to follow
3) Friday's daily candle close will determine further direction

TA on the low timeframe:
1) After a bounce from 1895, a retest of 1910 is formed. After a false breakout, the price consolidates below the level.
2) Maybe a shake-up will follow (false-break-down of 1910 or wedge resistance), and then the price will go back down towards 1895.
3) Decrease to 1895 will be interpreted as a retest and readiness for another decline, and 1880, 1860 are ahead.

Key resistance📈: 1910
Key support📉: 1895