🏅GOLD - Could a bearish correction end anytime soon?
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On Tuesday, the market bought out all the fall in the last 5 days. A consolidation is forming near the channel resistance and now the price breaks and makes a retest of the 1960.330 level after another test of the boundary.
TA on a high timeframe:
1) Note the tail of the daily candle that closed on Tuesday. Buyers in the market are trying to parry the bears' maneuvers.
2) A false breakout of 1935.465 forms and there is a corresponding reaction in the form of a strong momentum to 1965
TA on the low timeframe:
1) There is an attempt to break through trend resistance.
2) The price is testing the 1960 level, if the buyers break it, then our task is to wait for the price to consolidate above the level to identify that the market is ready to rise
3) The end of the correction is now being decided. A false break of strong support and an attempt to break through trend resistance sends us strong signals
Key support: 1957, 1954
Key resistance 1960.
TA on a high timeframe:
1) Note the tail of the daily candle that closed on Tuesday. Buyers in the market are trying to parry the bears' maneuvers.
2) A false breakout of 1935.465 forms and there is a corresponding reaction in the form of a strong momentum to 1965
TA on the low timeframe:
1) There is an attempt to break through trend resistance.
2) The price is testing the 1960 level, if the buyers break it, then our task is to wait for the price to consolidate above the level to identify that the market is ready to rise
3) The end of the correction is now being decided. A false break of strong support and an attempt to break through trend resistance sends us strong signals
Key support: 1957, 1954
Key resistance 1960.
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