🏅GOLD - False break of resistance sends the price down

26 May 2023

Gold is testing the resistance of 1952, but it is hopeless. A false break-down is formed, after which we see a new decline towards strong support

TA in the high timeframe:
1) The correction continues and the price reaches a key level, a break-down of which will mean a change in the trend.
2) The level of 1935 now separates the technical pullback and the global bearish trend. Most likely Friday will close very close to the level and on Monday we will see a decline

TA on the low timeframe:
1) Price is held back by a new range of 1952 and 1935
2) After the retest of resistance, the price headed to support.
3) The trend is under control of the sellers and we see the price headed towards the next retest of support 1935
4) At the moment we see no set-ups for a trend change or active growth towards the area of 1970-1980 (2000)

Key resistance: 1952
Key support: 1935