🥇GOLD - Wedge breakout and resistance retest
Gold is breaking support of the rising wedge and is getting sell signals. On D1, price bounces off range resistance and likely gets downside potential
TA on the high timeframe:
1) False breakout of 0.5 fibo gives a sell signal. The price continues to fall
2) During the European session, the price tries to buy back some of the decline, but the resistance area may stop the price
TA on the low timeframe:
1) Wedge support breakout. A correction is formed
2) The correction reaches 0.236 fibo and the price makes a false breakout
3) The liquidity area that may be of interest to the market is below 1953 and 1945 - this area may be a target for us.
Key resistance📈: 1965, 1972
Key support📉: 1957, 1953
TA on the high timeframe:
1) False breakout of 0.5 fibo gives a sell signal. The price continues to fall
2) During the European session, the price tries to buy back some of the decline, but the resistance area may stop the price
TA on the low timeframe:
1) Wedge support breakout. A correction is formed
2) The correction reaches 0.236 fibo and the price makes a false breakout
3) The liquidity area that may be of interest to the market is below 1953 and 1945 - this area may be a target for us.
Key resistance📈: 1965, 1972
Key support📉: 1957, 1953
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