🥇GOLD - False break of channel resistance

12 ביולי 2023

Gold is breaking through global channel resistance, but is also bumping into a strong horizontal level.

TA on the high timeframe:
1) The trend is still bearish, price is under strong resistance
2) Price is discovering a new range. But if price consolidates below 1930, a bearish potential will form



TA on the low timeframe:
1) A bullish wedge is forming. A breakout of the figure's boundaries will form a strong impulse
2) The price inside the ascending price channel makes a false breakdown of resistance
3) The price after the false breakdown may form a correction to the support.
4) Breakout of 1938.915 will give a buy entry point
Breakout of 1930 will give a sell entry point

Key support📉: 1930
Key resistance📈: 1938.915