🏅GOLD - A descending range is forming. Resistance retest

22 May 2023

Gold is in a correction phase (red downtrend channel). As long as we have a descending range after the main trend break, we will prioritize a bearish set-up

TA on a high timeframe:
1) Price has broken strong support areas, but still hasn't reached the key ones (1944, 1934)
2) A correction is forming - caused by more positive data in Friday's fundamental reports

TA on the low timeframe:
1) Resistance 1981 plays an important role, but at the same time price may be aiming for the upper boundary of the downward channel
2) The price is in a downtrend, it's worth targeting strong resistances. Any false breakout can be a strong signal
3) There is a consolidation below the 1981 level, which is a sell signal.

Key resistance: 1981, 1987
Key support: 1951

23 May 2023

İşlem kapandı: hedefe ulaştı