🥇 GOLD - False breakdown in a bear market
Gold continues to trade within the bearish channel. A retest of the resistance area is being formed, against the background of the bearish trend there is a high chance of further decline
TA on the high timeframe
1) Downward price channel
2) false breakout
3) Current trend is bearish
4) no update of highs, the price tends downward
TA on the low timeframe:
1) Retest of support area, if price fails to break 1930, further decline will begin
2) Gold is forming a flat. False break of flat resistance is a strong signal
3) A fall to 1916 is possible, a small bounce before a further impulse that could hit the target 1903.
Key support: 1916
Key resistance: 1926
TA on the high timeframe
1) Downward price channel
2) false breakout
3) Current trend is bearish
4) no update of highs, the price tends downward
TA on the low timeframe:
1) Retest of support area, if price fails to break 1930, further decline will begin
2) Gold is forming a flat. False break of flat resistance is a strong signal
3) A fall to 1916 is possible, a small bounce before a further impulse that could hit the target 1903.
Key support: 1916
Key resistance: 1926
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