GOLD → The bear's paw regulates the market. The red zone

9 de ago. de 2023

XAUUSD is forming a setup that can accumulate the potential to continue falling. The price is testing local support and forming a rebound before further decline

The global bearish trend continues to develop. The price failed to pass through the 1980 area, forming a false breakout of the resistance area.
A downward price channel is formed on the chart, after breaking the trend support the price forms a prolonged consolidation below the support. A descending triangle is formed, which can be interpreted as a dpavlenie prodlavleniya on buyers in the area of 1922.
Moving averages show a strong trend and act as resistance. MA-50 confirm the local resistance of the triangle.

Support levels: 1923,5
Resistance levels: 1927.5, triangle resistance
In the medium term, I expect a continuation of the fall, but before that there may be a rebound to 1927-1930.

Regards R. Linda!