🥇GOLD - Selling off on weak news. Pin-bar

21 בספט׳ 2023

Gold is losing almost 1.5% amid sell-offs. Yesterday, before the FED speech, the market maker strengthened the price to 1947.3. The news was strong for the dollar and weak for gold, thus we see a strong sell-off and at the moment the price is at 1919.5.

Ta on the high timeframe:
1) False break of resistance at 1934
2) A strong candlestick pattern is formed for further selling.
3) A pin-bar is formed on the background of the false breakout. Target 1900

TA on the low timeframe:
1) False breakout of sideways range resistance defines further targets as 1910, 1907, 1901
2) Market is still bearish, price is falling below key levels
3) A retest of 1922.4 may soon follow before further declines

Key support📉: 1916.9
Key resistance📈: 1922.4