GOLD → The price may form a Flat. What does that mean?

14 Ağu 2023

XAUUSD is in a local bearish trend. Within the current trend, the price is testing resistance. Two scenarios are possible: either a breakout or a rebound. What to expect?

The price tests the trend resistance and goes beyond it. If the price can consolidate above the level of 1914 after the channel breakout, the price may form a potential upside to 1924.8
But again, the price may form a false break of the trend resistance, in this case the price return to the channel boundaries will confirm the bearish potential, the price will head down to break 1912.7 and continue its fall to 1900.
Break of resistance and growth to 1924 may form consolidation or flat 1924.8 - 1912. If the upper boundary of the future flat is retested, we can look for sell signals

Support levels: 1912
Resistance levels: 1915, 1924.8
I expect one of the scenarios to develop, it is important for us to wait for confirmation. Most likely a flat formation may follow and in this case the price will initially head towards 1924.8.

Regards R. Linda!