🥇GOLD - continuation of the fall after the support break
Gold is forming global and local trends in one direction - downward. After rebounding from the current resistance, the price forms a retest of the support.
TA on the high timeframe:
1) Moving averages in a fairly wide range indicate to us the formation of a downward movement
2) A bearish trend is forming within the descending channel
3) The liquidity area on the support side has not been reached yet, after a small pullback the target will be reached
TA on the low timeframe:
1) The actual pattern is a descending price channel, which has been forming since the end of August
2) At the moment the price is flat, the key support of the pattern is the area of 1916.
3) A retest is being formed, we are waiting for pre-breakdown consolidation with further possibility of support breakout and decline to 1903.
Key resistance📈: 1926.100
Key support📉: 1916.775
TA on the high timeframe:
1) Moving averages in a fairly wide range indicate to us the formation of a downward movement
2) A bearish trend is forming within the descending channel
3) The liquidity area on the support side has not been reached yet, after a small pullback the target will be reached
TA on the low timeframe:
1) The actual pattern is a descending price channel, which has been forming since the end of August
2) At the moment the price is flat, the key support of the pattern is the area of 1916.
3) A retest is being formed, we are waiting for pre-breakdown consolidation with further possibility of support breakout and decline to 1903.
Key resistance📈: 1926.100
Key support📉: 1916.775
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