GOLD → Retest of support within the downtrend

25 Mei 2023

Gold confirms the fact that it is in the 1984 - 1954 range. The price within the descending price channel falls from the resistance and makes another retest of the 1954 support.

The daily candlestick is closing near the support, which might indicate that the market is preparing for the retest of the support. If the attempt is successful, then we might see the market decline to 1935.
The news are not very good for gold, and the dollar keeps strengthening.
The moving averages are acting as resistance and the price might try to test the resistance of MA-50, before the major decline.
Pay attention to the chart on the left below. This is the D1. The price is forming a consolidation near support - preparing for a possible decline.



Strong resistance: 1964, 1967.
Strong support: 1954.64, 1949, 1944.
I expect a retest of the support in the near future. At the moment the possibility of breakthrough of support with the subsequent decrease to 1949, 1944 and 1935 is quite high.

Sincerely R.Linda!