🥇 GOLD - Retest of key support area
Updated
GOLD is forming a correction when breaking the local trend support.
The panic zone is the support of 1964. The price is testing this area, I do not think that after such a strong movement the market will have the potential to break the level.
Prerequisites for a possible bounce from 1964:
1) A strong move wastes potential. The opening session was around 1976, price has now passed 0.6%, which is the average daily price movement.
2) The area below 1964 will not allow the price to pass it the first time. therefore, there is a high probability of a bounce from the support in the market
3) Global bullish trend
4) Gold has high interest on the background of geopolitics. The point of 1964 may become a starting point for further growth.
Key support: 1964
Key resistance: 1976, 1987, 2000
The panic zone is the support of 1964. The price is testing this area, I do not think that after such a strong movement the market will have the potential to break the level.
Prerequisites for a possible bounce from 1964:
1) A strong move wastes potential. The opening session was around 1976, price has now passed 0.6%, which is the average daily price movement.
2) The area below 1964 will not allow the price to pass it the first time. therefore, there is a high probability of a bounce from the support in the market
3) Global bullish trend
4) Gold has high interest on the background of geopolitics. The point of 1964 may become a starting point for further growth.
Key support: 1964
Key resistance: 1976, 1987, 2000
Note
Gold continues to test the support area.
A double bottom pattern is most likely forming on the chart.
The realization of the pattern will start when the base is broken (red line)
But today's news: Powell's speech. The whole market is waiting for this moment.
There are a lot of chances for the continuation of growth, but there is also a probability of strengthening of the dollar and in this case the gold will start correction
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