GOLD has been rising since the opening. The reason is the conflict in the Middle East and the fundamental factors of last week.
Consolidation is forming and most likely the price may test the support before further growth.
TA on the timeframe:
1) The reason for the rise today is the geopolitical factor. And as we know, in all crisis situations there is a growing interest in gold.
2) False breakout of strong 0.5 fibo level. FB may be followed by strong growth
TA on the low timeframe:
1) Price is consolidating in a narrow range. Most likely a strong impulse may be followed by a retest of 0.5 fibo support
2) At the moment people still do not know what to do and are preparing to buy gold, but before further growth the market can fool the player and take out stoplosses, which are below 1846.
3) waiting for a rise to 1878
Key support📉: 1846, 1840
Key resistance📈: 1853
Consolidation is forming and most likely the price may test the support before further growth.
TA on the timeframe:
1) The reason for the rise today is the geopolitical factor. And as we know, in all crisis situations there is a growing interest in gold.
2) False breakout of strong 0.5 fibo level. FB may be followed by strong growth
TA on the low timeframe:
1) Price is consolidating in a narrow range. Most likely a strong impulse may be followed by a retest of 0.5 fibo support
2) At the moment people still do not know what to do and are preparing to buy gold, but before further growth the market can fool the player and take out stoplosses, which are below 1846.
3) waiting for a rise to 1878
Key support📉: 1846, 1840
Key resistance📈: 1853
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