🥇Gold reaches important support. Waiting for a rebound

27 Sep 2023

Gold is reaching an important goal for us. We've been waiting for this. A test of the level of 1885.100 is being formed. On the background of distributive fall and strong sell-offs, a rebound may occur.

TA on the high timeframe:
1) A huge pool of liquidity is formed below the level of 1885, most likely, a false breakout should occur before the rebound

TA on the low timeframe:
1) The false breakout could be quick (a few 5-minute sections) or it could be a long one
2) Either way it should be expected. Price after a strong fall may enter a correction or consolidation phase
3) If a false breakout is formed (not yet started), the price will go under the level and will trade lower for some time, but after the growth and return above 1885, an active growth (buyback) will be formed

Key support📉: 1885
Key resistance📈: 1900