🏅GOLD - Market reduces volatility in anticipation of news
Gold is forming a double-bottom pattern and testing the resistance of the downward correction in anticipation of the FOMC data.
TA on the high timeframe:
1) A correction forms, price breaks support and stops in the 1954 zone, making a false break
2) Volatility declines before the FOMC data release. lower volatility could lead to a further spike in volume
TA on the low time frame:
1) The formation of the "Double Bottom" pattern is clearly visible. The trigger level of which is resistance 1981. Strong impulse may occur, if the pattern base is broken.
2) Our focus is on the area of resistance, which includes the horizontal level of 1981, the descending boundary of the local channel.
3) False-breakout or breakout is possible from this area. Everything depends on the news
Key resistance: 1981, 2000
Key support: 1951
TA on the high timeframe:
1) A correction forms, price breaks support and stops in the 1954 zone, making a false break
2) Volatility declines before the FOMC data release. lower volatility could lead to a further spike in volume
TA on the low time frame:
1) The formation of the "Double Bottom" pattern is clearly visible. The trigger level of which is resistance 1981. Strong impulse may occur, if the pattern base is broken.
2) Our focus is on the area of resistance, which includes the horizontal level of 1981, the descending boundary of the local channel.
3) False-breakout or breakout is possible from this area. Everything depends on the news
Key resistance: 1981, 2000
Key support: 1951
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