🥇GOLD - The current scenario is a bear channel

1 Ağu 2023

Gold is forming a bearish channel, the area of density on the side of resistance, which the price failed to pass, begins to pressure the market and thus makes the price of the asset weaken.

TA on the high timeframe:
1) Price is still in a range
2) The bearish trend is valid
3) The liquidity area where the price can go is below 1943.

TA on the low timeframe:
1) Price breaks 1963 again and forms a false break of the level
2) We should expect price to consolidate below the level, or below 1953 to look for a selling entry point
3) The price is likely to acquire a target in the form of a downtrend support area around 1940.

Key resistance📈: 1963
Key support📉: 1953