🥇GOLD - Market tests resistance area by false breakout
Gold is forming a local downtrend. Which is relevant after the break of the ascending channel in early September.
The realization of a strong sell signal is forming on D1
TA on the high timeframe:
1) Everything is stable. False break of resistance sends the price down
2) Potential: falling to 1900 after correction.
TA on the low timeframe:
1) Price in bearish trend
2) A retest of 1926 prevents the price from updating the local high
3) Consolidation is forming below 1926 after a false breakdown
4) Bears are consolidating their positions on the background of a weak buyer
Key resistance📈: 1926
Key support📉: 1916 and 1903
The realization of a strong sell signal is forming on D1
TA on the high timeframe:
1) Everything is stable. False break of resistance sends the price down
2) Potential: falling to 1900 after correction.
TA on the low timeframe:
1) Price in bearish trend
2) A retest of 1926 prevents the price from updating the local high
3) Consolidation is forming below 1926 after a false breakdown
4) Bears are consolidating their positions on the background of a weak buyer
Key resistance📈: 1926
Key support📉: 1916 and 1903
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