DeGRAM | GOLD retest of the dynamic resistance

Feb 19

GOLD is in an ascending channel above the trend lines.

The price is testing the resistance level and the trend line, which held it back during the last week.

The indicators on the 1H Timeframe indicate the formation of a bearish divergence.

We expect a decline.

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Feb 20

Trade active

GOLD is in an ascending channel between the trend lines.

Despite all signs of overbought, the chart continues to grow, but there is a strong psychological resistance level of $3000 ahead, consolidation under which will open the way to correction.

The chart continues to maintain a harmonic pattern, which will lose its relevance if the price reaches $3014.

We still believe that waiting for growth at the current moment is too risky and it is better to wait for the optimal entry point for a short position.