🥇GOLD - Resistance retest and counter-correlation with DXY
Gold is testing key resistance with a false breakout and this could be a signal for further declines, while the dollar is closing near a strong resistance level and is likely ready to continue to strengthen further
TA on the high timeframe:
1) DXY closes near 104.3. Regarding the candlestick analysis, we can assume that the price close indicates further continuation of the move. A small pullback may follow from 104.3 before further growth.
2) Gold on D1 is testing a strong resistance line, which is the upper boundary of the descending channel. A false breakout is formed
3) Two correlation situations are formed, the dollar is preparing to grow, and gold to fall. But if one of them starts to develop the opposite scenario, the other, such as gold, will break the resistance and start strengthening towards 1984
TA on the low timeframe:
1) Price is testing 1942.6. A false breakout is formed
2) A retest of blue support and consolidation below 1942 will form a pre-breakout potential against support. The line may be broken and in this case the price will head towards 1914 and towards 1900
3) BUT! If 1942.6 is overcome and the price forms consolidation above the line, the situation will reverse and the price may consolidate to 1984.
Key resistance📈: 1942.6
Key support📉: 1935
TA on the high timeframe:
1) DXY closes near 104.3. Regarding the candlestick analysis, we can assume that the price close indicates further continuation of the move. A small pullback may follow from 104.3 before further growth.
2) Gold on D1 is testing a strong resistance line, which is the upper boundary of the descending channel. A false breakout is formed
3) Two correlation situations are formed, the dollar is preparing to grow, and gold to fall. But if one of them starts to develop the opposite scenario, the other, such as gold, will break the resistance and start strengthening towards 1984
TA on the low timeframe:
1) Price is testing 1942.6. A false breakout is formed
2) A retest of blue support and consolidation below 1942 will form a pre-breakout potential against support. The line may be broken and in this case the price will head towards 1914 and towards 1900
3) BUT! If 1942.6 is overcome and the price forms consolidation above the line, the situation will reverse and the price may consolidate to 1984.
Key resistance📈: 1942.6
Key support📉: 1935
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