GOLD → Downward triangle and retest of the 2000 area

16 May 2023

Gold on the background of the uptrend and counter-trend pullback forms a downtrend triangle, which may be the first signal to the possible beginning of the correction.

The price is once again testing the uptrend support. In the same place the support of the pattern "Downward Triangle" passes.
A breakout of the support zone will form an increase in volume and volatility.
In breaking through the support, the price can go to 2000, 1995 and then to 1976.
On the daily chart, the price is forming a consolidation near the support, which might be broken soon.
The moving averages on the 1-hour timeframe act as resistance.

Strong support: Triangle support 2001-2002
Strong resistance: 2009, 2015, 2020, and triangle resistance
I expect price may continue to test support for a breakout, with price heading towards 1976 if successful.
If the bulls can hold the support area, then price will try to break triangle resistance and strengthen to 2032 and 2048

Regards to R. Linda!

16 May 2023

Not

#GOLD now. 1999

17 May 2023

Not

Breaking the support of the triangle.
The scenario worked 100%.

At the moment a technical pullback to the previously broken boundary is forming.
I expect the continuation of the fall


Price tested minimum 1985.
The key liquidity zone could be in the area of 1981 or 1975

19 May 2023

İşlem kapandı: hedefe ulaştı