🏅GOLD - Pressure from the bears leads to a retest of 2000
Gold reduces volatility and retests the 2000.95 level as part of a local downtrend. The price forms a local downtrend resistance, which indicates bearish pressure on the market.
TA on the high timeframe:
1) Consolidation near the 2000.995 level, which could lead to a breakout of support and the start of a strong bearish move.
2) The futures seek to test the 200-hour moving average
3) Note the set-up on the D1 chart (to the right in the corner) - a demonstration of accumulation that is preparing to break support
TA on the low timeframe:
1) Price bounces off downtrending resistance and tests support 2000 once again
2) Decline in volatility - the lull before some strong activity
3) The price has a strong liquidity area in the lower part of the price channel, which it may reach after a breakout of 2000
4) There is a probability of breaking through the local resistance and rising to 2030, but there is little chance.
Key support: 2000.995.
Key resistance: 2016.188
TA on the high timeframe:
1) Consolidation near the 2000.995 level, which could lead to a breakout of support and the start of a strong bearish move.
2) The futures seek to test the 200-hour moving average
3) Note the set-up on the D1 chart (to the right in the corner) - a demonstration of accumulation that is preparing to break support
TA on the low timeframe:
1) Price bounces off downtrending resistance and tests support 2000 once again
2) Decline in volatility - the lull before some strong activity
3) The price has a strong liquidity area in the lower part of the price channel, which it may reach after a breakout of 2000
4) There is a probability of breaking through the local resistance and rising to 2030, but there is little chance.
Key support: 2000.995.
Key resistance: 2016.188
Trade closed: target reached
❤️ Telegram channel: t.me/AndeWave
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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.
❤️ 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.