🥇GOLD - Breakthrough Wedge. Price could strengthen

3 juil. 2023

Gold breaks the wedge resistance and forms momentum to retest 0.382 Fibo. Buyers are able to strengthen the price from 1910 to 1932, it all depends on whether the price can form a consolidation above the support.

TA on the high timeframe:
1) A bounce from 1893 is forming. In terms of technical analysis the price makes a test of 1938. On the background of a bearish trend, the price can bounce from 1938.
2) The liquidity area, which may be of interest to the whales, is around 1938.
3) Before a further decline, a correction could lead price to strong resistance



TA on the low timeframe:
1) Retest of 1910 support (Fibo 0.236) will show further price direction.
1.1) Consolidation above 1910 will form an entry point to buy
1.2) Breakout and consolidation of the price below the level (within the wedge) will form an entry point to sell)
2) The bulls are trying to take control of the situation.
3) An attempt to change the local trend is formed on the chart. This situation may lead to an increase to 1932

Key support📉: 1910
Key resistance📈: 1921

4 juil. 2023

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