🥇 GOLD - Support retest before further growth
GOLD is forming a false breakdown of resistance. Market sentiment is changing, but for the medium term, this hints us at a possible trap before further growth
TA on the high timeframe:
1) A logical reaction to resistance is forming
2) Bullish trend
3) Favorable news to strengthen gold
TA on the low timeframe:
1) A retest of 1984 resistance leads to the formation of a technical pullback or correction
2) Price tests 1953, but with a touch. This is not enough and we see a pullback back to the level
3) A false breakout may be formed before further growth.
Key resistance: 1984
Key support: 1953
TA on the high timeframe:
1) A logical reaction to resistance is forming
2) Bullish trend
3) Favorable news to strengthen gold
TA on the low timeframe:
1) A retest of 1984 resistance leads to the formation of a technical pullback or correction
2) Price tests 1953, but with a touch. This is not enough and we see a pullback back to the level
3) A false breakout may be formed before further growth.
Key resistance: 1984
Key support: 1953
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