🥇GOLD - Price breaks range support. Expect a decline

The gold breaks through the support and forms a consolidation below the 1939 level. Most likely concerning the level, the price might make a shakeout, in which case gold might test 0.5 Fibo before falling

TA on a high timeframe:
1) Consolidation is forming between 0.382 and 0.5 Fibo. After breaking through 0.5, price breaks support 1935 and forms price consolidation below this area
2) The liquidity area below 1925 and 0.618 fibo (1915) may become a downside target

TA on a low timeframe:
1) Breaking support and price consolidation below the level prepares the market for further declines.
2) Price enters a new range of 1939 - 1925, the support of 1925 may be the target of price movement.
3) The bears continue to press the market. I expect price decline.

Key resistance📈: 1939.325, 1944.
Key support📉: 1930, 1925

評論:

Note the perfect set-up.

The bears are breaking support at 1939.3 and for 7 hours they have been holding the price back, forming a consolidation below the level. A perfect entry point

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The price movement brings us 140 pips!