🏅GOLD - A bearish candle on Friday. Short Scenario
Gold forms a technical pullback to the resistance area of 2016.
A retest of 2016 forms a consolidation below the level and the market gives us a sell signal
TA on high timeframe:
1) Price closes near a strong support level - possible development of a sell scenario
2) The price is not ready to recover yet, as gold hits resistance at every attempt
TA on the low timeframe:
1) A retest of 2016 forms a consolidation below the level. This opens us up to bearish potential
2) A downward price channel is forming.
3) Price on Monday could test support 2000 followed by a breakdown and a fall to 1990 and 1977
Key resistance 2016
Key support: 2000
A retest of 2016 forms a consolidation below the level and the market gives us a sell signal
TA on high timeframe:
1) Price closes near a strong support level - possible development of a sell scenario
2) The price is not ready to recover yet, as gold hits resistance at every attempt
TA on the low timeframe:
1) A retest of 2016 forms a consolidation below the level. This opens us up to bearish potential
2) A downward price channel is forming.
3) Price on Monday could test support 2000 followed by a breakdown and a fall to 1990 and 1977
Key resistance 2016
Key support: 2000
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