🥇GOLD - U-turn. A retest of the support could break it
Gold makes an unsuccessful attempt to break the resistance of the bearish channel. it is at the moment of the retest that the dollar starts to strengthen, which makes gold fall after the retest of the resistance. The FED is still sticking to continue to be hawkish on the dollar, which can have a bad effect on gold
TA on the high timeframe:
1) DXY breaks resistance and tests the 105 area. Possible correction before further rise
2) Gold retests and forms a candle that suggests a quick sell-off of the upside, which will negatively affect gold pricing on Monday and Tuesday
TA on the low timeframe:
1) The chart is showing weak buying power
2) A retest of support at 1914 is forming, a breakout could result in strong momentum to 1887 or 1860
Key support📉: 1914
Key resistance📈: 1927, 1942
TA on the high timeframe:
1) DXY breaks resistance and tests the 105 area. Possible correction before further rise
2) Gold retests and forms a candle that suggests a quick sell-off of the upside, which will negatively affect gold pricing on Monday and Tuesday
TA on the low timeframe:
1) The chart is showing weak buying power
2) A retest of support at 1914 is forming, a breakout could result in strong momentum to 1887 or 1860
Key support📉: 1914
Key resistance📈: 1927, 1942
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