GOLD is forming a counter-trend correction within the ascending price channel. The momentum appears after breaking through the wedge resistance. But at the same time the price is under strong resistance 1938
TA on a high timeframe:
1) Price forms a global downward price channel.
2) The market is recovering and a retest of the trend resistance area will happen soon
3) Also ahead is the level of 1938, which plays a key role in the mid-term.
TA on the low timeframe:
1) The local price channel is forming on the background of a global bearish trend.
2) The price is headed towards the resistance of 1932, most likely, it will succeed to break through this area, as the retest is formed
3) We are interested in the channel resistance at 0.618 Fibo, which may push the price down to the support
4) The correction is formed on the background of a global downtrend. Chances are high that the fall will continue
Key support📉: 1921
Key resistance📈: 1932, 1938.
TA on a high timeframe:
1) Price forms a global downward price channel.
2) The market is recovering and a retest of the trend resistance area will happen soon
3) Also ahead is the level of 1938, which plays a key role in the mid-term.
TA on the low timeframe:
1) The local price channel is forming on the background of a global bearish trend.
2) The price is headed towards the resistance of 1932, most likely, it will succeed to break through this area, as the retest is formed
3) We are interested in the channel resistance at 0.618 Fibo, which may push the price down to the support
4) The correction is formed on the background of a global downtrend. Chances are high that the fall will continue
Key support📉: 1921
Key resistance📈: 1932, 1938.
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