🥇GOLD - Market is increasing the chances of a support breakout

7 Ağu 2023

Gold has been declining since the opening of the session with the result of -0.5%. Earlier a false breakout of 1943 was formed, most likely the price will continue its fall, but only after breaking the support of the bearish channel

TA on high timeframe:
1) After breaking the support, the price forms a retest of 1938.9, but makes a false breakout
2) Liquidity area - 1924 (local target)

TA on the low timeframe:
1) False break of resistance at 1943.3 forms a decline and a retest of the bearish trend support area
2) Price has previously tested this area and formed a huge liquidity pool, the breakout of which forms a strong downward momentum.
3) A quick retest is formed (after one trading session). The market is increasing the chances of a support breakout

Key resistance📈: 1943
Key support📉: 1933.9