🏅GOLD - Retest of key support in the hope of a breakthrough
The price bounces from the resistance area of the descending local channel indicating the dominance of the sellers. The price is once again testing support
TA on the high timeframe:
1) The news from the FOMC is not in favor of gold
2) Correction continues and bears continue to attack 1952 support
3) A huge pool of liquidity has accumulated below 1952 (left chart). A breakout of the support will form a strong momentum
TA on the low timeframe:
1) Locally we see a bearish trend forming.
2) The price makes another retest of the range support level. This breakout attempt could be successful
3) The bulls continue to press the market and gold is not able to renew even its local maximum.
4) I expect a break-down of support at 1952 and down to 1935 (blue support) as a priority
Key resistance: 1981, 1964
Key support: 1935
TA on the high timeframe:
1) The news from the FOMC is not in favor of gold
2) Correction continues and bears continue to attack 1952 support
3) A huge pool of liquidity has accumulated below 1952 (left chart). A breakout of the support will form a strong momentum
TA on the low timeframe:
1) Locally we see a bearish trend forming.
2) The price makes another retest of the range support level. This breakout attempt could be successful
3) The bulls continue to press the market and gold is not able to renew even its local maximum.
4) I expect a break-down of support at 1952 and down to 1935 (blue support) as a priority
Key resistance: 1981, 1964
Key support: 1935
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