🥇GOLD - Support Retest. Price is looking for a bottom

21 Ağu 2023

Gold forms a false breakdown of 1937.58 and forms the strongest impulse in the last few weeks (chart on the left). At the same time, local and global trends coincide and the price retests the support. The prerequisites are obvious

TA on the high timeframe:
1) False breakout forms a downward impulse. Price falls to 1885, having previously broken support at 1909
2) The only key liquidity area the market is interested in is below 1807

TA on the low timeframe:
1) A bearish channel forms, price bounces off resistance and we see momentum
2) A retest of 1885 is formed, price may test trend resistance before further breakout.
3) The only scenario at the moment is to sell.

Key resistance📈: 1891
Key support📉: 1885