🥇GOLD - Consolidation before the news

4 Okt 2023

GOLD is in consolidation on the background of falling market. There will be news soon, quite strong, and most likely the market players are waiting for the data, so consolidation will form on the chart. The sentiment indicator indicates a bearish potential. The trend is also bearish. The news impulse may hit resistance, after which the decline may resume

TA on the high timeframe:

• Market is falling. Price breaks 0.5 fibo and heads towards 0.618
  
• A retest of 1807.96 may follow (the level has not been tested yet), and the price may also hit 0.618 before a pullback.
  

TA on the low timeframe:

• A sideways flat is formed, the essence of the flat is consolidation
  
• Minimal volatility is formed on the market, as the potential for movement in one or another direction is accumulated.
  
• Watch the price reaction to the mentioned levels, I am expecting a fall in priority, as we have a downtrend.
  

Key resistance📈: 1831, 1833, 1841
Key support📉: 1815, 1807.9