🥇GOLD - False breakdown of global resistance

6 juil. 2023

Gold after breaking the channel support falls down and almost tests the key support of 1910, but during a quiet session and lack of liquidity the price goes into consolidation.

TA on the high timeframe:
1) A false breakout of downtrend channel resistance is forming. We see a bearish reaction.
2) The nearest liquidity is below 1910 and the price can test the area

TA on the low timeframe:
1) We see consolidation between 0.382 and 0.236 Fibo. A retest of the resistance could form a false-break and in that case the price will head towards 1910
2) Relative to the global price channel, gold has the potential to go down to 1840, but it needs to get past 1910 and 1895.
3) The market is bearish and most likely continues to prepare for further declines.

Key resistance📈: 1912
Key support📉: 1910