🥇 GOLD - H&S and weak fundamental background
GOLD is in the phase of realization of the reversal pattern "head and shoulders". Breakthrough of 1962.67 level and subsequent retest with further decline confirms this nuance.
Prerequisites for further decline:
1) Weak fundamental background - the dollar is strengthening due to the news
2) Gold tests 1962, but cannot break through the level and the price falls from strong resistance
3) Retest of local support (local low) confirms the market's readiness to decline.
4) The global range resistance was tested earlier, after which an imbalance appeared at the market from below, where the market is heading.
Key support: 1947, 1944, 1932
Key resistance: 1962
Prerequisites for further decline:
1) Weak fundamental background - the dollar is strengthening due to the news
2) Gold tests 1962, but cannot break through the level and the price falls from strong resistance
3) Retest of local support (local low) confirms the market's readiness to decline.
4) The global range resistance was tested earlier, after which an imbalance appeared at the market from below, where the market is heading.
Key support: 1947, 1944, 1932
Key resistance: 1962
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