Gold reaches one of the key resistances. BUT, after false resistance, a strong consolidation forms near the upper boundary of the range
TA on the high timeframe:
1) A high potential for further downside is forming as there was no momentum on the resistance breakout
2) After a false breakthrough a consolidation below the line is formed - signal
TA on low timeframe:
1) Price inside the range after the false breakout
2) Buying interest on H4 indicator may be a buyer trap
3) Waiting for a small correction after the false breakout before further upside.
Key resistance: 1953
Key support: 1940, 1930, 1920
TA on the high timeframe:
1) A high potential for further downside is forming as there was no momentum on the resistance breakout
2) After a false breakthrough a consolidation below the line is formed - signal
TA on low timeframe:
1) Price inside the range after the false breakout
2) Buying interest on H4 indicator may be a buyer trap
3) Waiting for a small correction after the false breakout before further upside.
Key resistance: 1953
Key support: 1940, 1930, 1920
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❤️ 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.