🥇GOLD - Can the market turn around? Or will it keep falling?
Gold against the background of a bearish trend is forming a setup that could reverse the price direction. The bearish trend, with a small degree of probability can stop
TA on the high timeframe:
1) Price forms a retest of 1902.87 after a month and a half. The price will not break the level from the first time, most likely a rebound may be formed
2) A sideways range may be formed when a rebound from support is formed.
TA on the low timeframe:
1) A bearish channel is forming.
2) A descending wedge is formed against the background of the bearish channel. A retest of the figure support may push the price upwards
3) A retest of the figure's resistance may well break the local line and the price may form a surge to 1914 or 1930.
Key support📉: 1902
Key resistance📈: downtrend line and 1914
TA on the high timeframe:
1) Price forms a retest of 1902.87 after a month and a half. The price will not break the level from the first time, most likely a rebound may be formed
2) A sideways range may be formed when a rebound from support is formed.
TA on the low timeframe:
1) A bearish channel is forming.
2) A descending wedge is formed against the background of the bearish channel. A retest of the figure support may push the price upwards
3) A retest of the figure's resistance may well break the local line and the price may form a surge to 1914 or 1930.
Key support📉: 1902
Key resistance📈: downtrend line and 1914
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