GOLD → Counter-trend correction before further decline

XAUUSD is testing a key liquidity area after breaking triangle support. The price updates the global lows and confirms the presence of an ongoing bearish trend

The price fails to reach the support at 1912.7 and forms a rebound. Most likely the target of 1912.7 is still valid, but before the support is retested the market needs more liquidity and for this purpose a correction is formed to retest the previously broken level. The price is heading towards the triangle pattern. The line of 1922.5 can be tested, or the price can go a little further, for example to 1927.5 or to 1932. It is impossible to talk about global growth now, the price is in a strong falling movement and continues to update the lows. We are looking for strong resistance areas to sell.

Resistance levels: MA-50, 1922.5, 1927.5.
Support levels: 1915,5, 1912.7
I expect the decline to continue after the retest of these resistance levels. Bearish trend reigns on the market. Take it into account in your trading.

Regards R. Linda!

Commentaire: