🥇GOLD - Bearish market situation. We are waiting for a fall
GOLD is forming a retest of support after a long consolidation. From the level of 1815 a small bounce may be formed before further decline, or a break of the level with further consolidation below 1815, which will form a selling entry point.
TA on the high timeframe:
1) Candlestick analysis implies further decline
2) Strong consolidation near an important level - readiness for a decline
3) No strong bullish pullbacks yet. Buyers are weak
TA on the low timeframe:
1) Support retest may provide a bounce for a subsequent retest
2) Another support retest will lead to support breakout.
3) The main target at the moment is to break the support and go down to 1800.
Key resistance 📈: 1824, 1828
Key support 📉: 1815, 1807.9
TA on the high timeframe:
1) Candlestick analysis implies further decline
2) Strong consolidation near an important level - readiness for a decline
3) No strong bullish pullbacks yet. Buyers are weak
TA on the low timeframe:
1) Support retest may provide a bounce for a subsequent retest
2) Another support retest will lead to support breakout.
3) The main target at the moment is to break the support and go down to 1800.
Key resistance 📈: 1824, 1828
Key support 📉: 1815, 1807.9
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