🏅GOLD - Gold weakens as dollar strengthens

5 juin 2023

Gold on the background of a strong fall is testing the resistance of the bearish channel. On the chart, a false breakout is formed, which could mean the beginning of the pullback. The local growth might reach 1954.

TA on the high timeframe:
1) The price after the false breakout of 1981 falls to 1935. The classic intra-band trading strategy is a move from the edge of the horizontal channel
2) There is a bearish trend emerging on the D1, which may continue if the price breaks 1935.

TA on a low timeframe:
1) False breakout of a strong level. The price might respond by pulling back to resistance.
2) There is bearish pressure in the market.
3) On Monday there will be low activity and the price may strengthen towards 1954 in the short-term and then continue its fall.

Key resistance: 1954
Key support: 1939, 1932