🥇GOLD - Support Retest. What can it lead to?
Gold continues to strengthen.On Monday, the price is strengthening and testing the nearest key resistance. On the D1 chart we see a bearish trend, and on the local chart a gradation of resistances from 1922 to 1916 is forming, forming a tightness
TA on the high timeframe:
1) Gradually declining highs points form a bearish trend
2) Price forms a rebound after updating the local minimum
TA on the low timeframe:
1) Gold is in a bullish channel
2) A rebound from support is forming and the price is testing 1918.97.
3) A bounce from resistance to support may be followed by a bounce to support and then price may strengthen and form a shakeout against 1916-1922 before falling further.
4) From Friday to Monday we see a strong spike down - a shakeout in the market, now price may see the same thing, only upwards.
Key resistance📈: 1918.97
Key support📉: 1911, 1910
TA on the high timeframe:
1) Gradually declining highs points form a bearish trend
2) Price forms a rebound after updating the local minimum
TA on the low timeframe:
1) Gold is in a bullish channel
2) A rebound from support is forming and the price is testing 1918.97.
3) A bounce from resistance to support may be followed by a bounce to support and then price may strengthen and form a shakeout against 1916-1922 before falling further.
4) From Friday to Monday we see a strong spike down - a shakeout in the market, now price may see the same thing, only upwards.
Key resistance📈: 1918.97
Key support📉: 1911, 1910
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