🥇GOLD - Market tests resistance area by false breakout

8 בספט׳ 2023

Gold is forming a local downtrend. Which is relevant after the break of the ascending channel in early September.
The realization of a strong sell signal is forming on D1

TA on the high timeframe:
1) Everything is stable. False break of resistance sends the price down
2) Potential: falling to 1900 after correction.

TA on the low timeframe:
1) Price in bearish trend
2) A retest of 1926 prevents the price from updating the local high
3) Consolidation is forming below 1926 after a false breakdown
4) Bears are consolidating their positions on the background of a weak buyer

Key resistance📈: 1926
Key support📉: 1916 and 1903