🏅GOLD - Breaking triangle support will send the price down
Updated
Gold reduces volatility and consolidates in the 2016 area. Price is forming a triangle and trying to break pattern support.
TA on the high timeframe:
1) Gold locally shows us ready to decline. A support area of 2000 is forming on the chart, a retest of the level will lead to a breakout and a decline to 1975
2) Globally, we see an uptrend and we should be careful about selling at the moment
TA on a low timeframe:
1) Price forms an attempt to break through triangle support. If the attempt is successful, then price will head towards 2000.
2) The 2015-2016 level plays an important role as resistance. At the moment a consolidation is forming, indicating the formation of a sell set-up.
3) Locally we see a downward price channel, hence, from the level of 2015-2016 I will be waiting for a sell. Breaking through the support of the triangle will be a signal for this
Key support: lower boundary of the triangle
Key resistance 2015-2016
TA on the high timeframe:
1) Gold locally shows us ready to decline. A support area of 2000 is forming on the chart, a retest of the level will lead to a breakout and a decline to 1975
2) Globally, we see an uptrend and we should be careful about selling at the moment
TA on a low timeframe:
1) Price forms an attempt to break through triangle support. If the attempt is successful, then price will head towards 2000.
2) The 2015-2016 level plays an important role as resistance. At the moment a consolidation is forming, indicating the formation of a sell set-up.
3) Locally we see a downward price channel, hence, from the level of 2015-2016 I will be waiting for a sell. Breaking through the support of the triangle will be a signal for this
Key support: lower boundary of the triangle
Key resistance 2015-2016
Comment
2000 retest
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