🥇GOLD - Correction after distribution
Gold is testing the local low of 1910 after which a reversal set-up is formed on the local timeframe, implying the beginning of the correction.
TA on a high timeframe:
1) The market is falling, it's hard to say when gold will start to recover. Right now several strong resistances and the fundamentals of trading stop the market from that.
2) A false-break-down of the support might give a slight strengthening of the price to the nearest levels.
TA on the low timeframe:
1) The market buys out the decline. Price strengthens to 1925.
2) I think if 1925 doesn't affect price, gold could strengthen to 1939 range resistance.
3) Priority is waiting for a bounce from resistance as we have a bearish trend
Key resistance📈: 1925, 1939.32
Key support📉: 1916 (0.618 Fibo), 1910
TA on a high timeframe:
1) The market is falling, it's hard to say when gold will start to recover. Right now several strong resistances and the fundamentals of trading stop the market from that.
2) A false-break-down of the support might give a slight strengthening of the price to the nearest levels.
TA on the low timeframe:
1) The market buys out the decline. Price strengthens to 1925.
2) I think if 1925 doesn't affect price, gold could strengthen to 1939 range resistance.
3) Priority is waiting for a bounce from resistance as we have a bearish trend
Key resistance📈: 1925, 1939.32
Key support📉: 1916 (0.618 Fibo), 1910
❤️ Telegram channel: t.me/AndeWave
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
❤️ Telegram channel: t.me/AndeWave
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.