GOLD → Another attempt to break support may be successful

1 Mei 2023

Gold on Monday morning breaks the support of the specified range. After breaking the support and consolidation, the price begins to form a bearish momentum.

A downtrend is forming on the chart. On the daily timeframe the price forms another retest of the 1981 level and makes another attempt to break it.
There is a lot of liquidity accumulated above the 1981 level, and the gold might make a rather large bearish impulse in case a breakout occurs.
The moving averages are acting as a resistance, indicating a bearish trend.

Strong resistance of 1988, 2000.
Strong support 1981, 1972, 1958.
I expect that a breakdown of the level 1981 may be confirmed in the retest or technical pullback phase. After the price consolidation under the level, I'm waiting for the continuation of the fall, as shown by a large number of preconditions from the high timeframe

Regards R.Linda!

1 Mei 2023

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2 Mei 2023

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