🥇GOLD - Consolidation instead of momentum? A trap?
Gold is breaking the support of the new price channel. The market is dominated by sellers due to buyer weakness amid dollar strength.
TA on the high timeframe:
1) False break of the resistance of the global descending channel
2) There is a potential for price decline to 1886.
TA on low timeframe:
1) Price tested the key descending channel support for a long time and at the same time the level of 1926
2) With the next move gold breaks the support of the descending channel
3) There is no downside after breaking the support, price is sandwiched between the 1916 support and the previously broken channel line
4) Since there is no downside momentum, price may form a retest of 1926. Further price movement will depend on this level. Since the main trend is falling, we should expect a price decline
Key resistance📈: 1920, 1926
Key support📉: 1916
TA on the high timeframe:
1) False break of the resistance of the global descending channel
2) There is a potential for price decline to 1886.
TA on low timeframe:
1) Price tested the key descending channel support for a long time and at the same time the level of 1926
2) With the next move gold breaks the support of the descending channel
3) There is no downside after breaking the support, price is sandwiched between the 1916 support and the previously broken channel line
4) Since there is no downside momentum, price may form a retest of 1926. Further price movement will depend on this level. Since the main trend is falling, we should expect a price decline
Key resistance📈: 1920, 1926
Key support📉: 1916
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