GOLD →Retest of support from the bears. Fighting for a new range

18 mai 2023

Gold breaks the ascending price channel on the H4. The price is testing the support area of 1976, but after a pullback the price returns to retest the level. What should we expect from the price next?

A strong price range was broken earlier and gold is forming a rather voluminous bearish momentum, breaking the key liquidity area in the 1983 zone. The XAU is entering a bearish area.
On the D1, the price breaks the 50-day moving average, on the H1 the MA200 and MA50 play the role of resistance. The rest of the key indicators are in the red zone.
On D1 (left chart): yesterday's daily candlestick closes as close to the level as possible and from the opening of the session the price breaks support and goes into a sell zone.



Strong resistance: 1985, 1993.
Strong support: 1976, 1969, downtrend line (dashed)
I expect the formation of another retest of the level of 1976 with a subsequent break of support and further decline to 1950. There is a chance that the market will try to buy the fall. If the metal crosses over the level of 1985, we might see it strengthening till 1993 or even till 2000.

Regards to R.Linda!

18 mai 2023

Note

GOLD 1956 now!