🏅GOLD - False break of key support

May 19, 2023

Gold is waiting for the Fed's rate information. The price makes a false break of the channel support and forms a retest of the 1952 level.

TA on the high timeframe:
1) False break of the strong support of 1954, but at the same time the price closes very close near the level, which can be interpreted as a willingness to continue falling
2) A strong correction is forming, the fundamental background is not favorable
3) There is an increase in FOMC rate, which may negatively influence gold

TA on the low timeframe:
1) A retest of downtrend channel support could form a rebound to resistance 1977
2) If the price comes back to support, there is a high probability of breaking through the descending line and making a retest of 1952.
3) The trend is descending, so selling is a priority
4) The retest of 1977 and the following fall to support is possible.

Key resistance: 1968, 1977
Key support: 1959, 1952