Gold breaks through the 2000 level and declines within the descending channel. On the daily timeframe there are preconditions for the continuation of the fall.
TA on the high timeframe: 1) Tuesday's daily candle closes below the 1999.585 level, which determines the bears' mood to continue this move when price returns to retest 1983.74 2) A correction is forming on the back of the uptrend. Price is updating the lows.
TA on the low timeframe: 1) Price begins to form a pullback after a fall. 2) The primary targets for a pullback may be: the local highs of 1993, 1999. (possible retest of previously broken support) 3) The current trend is bearish (on the 1-hour timeframe), hence our task is to consider trades going down from strong resistance levels.
Key resistance levels are 1990, 1993 Key support 1983.74
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