🏅GOLD - The market continues to press 1935 in D1

29 Mei 2023

The gold is consolidating near a key support level, which the bulls are actively trying to defend. If the next few days candlesticks show negative dynamics for the 1935 level, the gold could fall even lower if it breaks this zone.

TA on the high timeframe:
1) Consolidation near the 1935 level. Price begins to form a pullback to the level
2) If resistance to 1953 is not broken and the bears continue to pressure 1935, it will be broken in the near future
3) A downward price channel is developing

TA on the low timeframe:
1) Lower volatility within the downtrend is forming. - The reason for the low volatility is the weekend in the European part of the world and in the western part of the world.
2) Price under the pressure of the downtrend channel resistance may go down to 1935.
3) Another retest of the 1935 level will lead to its breakout
4) If channel resistance and the 1954 level are broken, gold will start a strengthening phase towards 1970.

Key resistance: 1949, 1954
Key support: 1939, 1935