🥇 GOLD - False breakdown of strong resistance
Gold reaches one of the key resistances. BUT, after false resistance, a strong consolidation forms near the upper boundary of the range
TA on the high timeframe:
1) A high potential for further downside is forming as there was no momentum on the resistance breakout
2) After a false breakthrough a consolidation below the line is formed - signal
TA on low timeframe:
1) Price inside the range after the false breakout
2) Buying interest on H4 indicator may be a buyer trap
3) Waiting for a small correction after the false breakout before further upside.
Key resistance: 1953
Key support: 1940, 1930, 1920
TA on the high timeframe:
1) A high potential for further downside is forming as there was no momentum on the resistance breakout
2) After a false breakthrough a consolidation below the line is formed - signal
TA on low timeframe:
1) Price inside the range after the false breakout
2) Buying interest on H4 indicator may be a buyer trap
3) Waiting for a small correction after the false breakout before further upside.
Key resistance: 1953
Key support: 1940, 1930, 1920
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