🥇 GOLD - A pre-breakdown consolidation is forming
Gold after a false breakdown on July 18 forms a pullback and tests the local support of 1972. After the false breakdown, against the basic stereotypes, the price retraces to retest the resistance.
TA on the high timeframe:
1) Closing of the last two daily candles forms near range resistance. There is no downside after the false breakout
2) Price forms a liquids area below support and forms an impulse
TA on the low timeframe:
1) A pre-breakout consolidation is forming near channel resistance and 1984.
2) The trend is bullish and most likely the growth may continue in the near term
3) A break of the resistance will send the price to 1999.
Key support📉: 1978, 1972,2
Key resistance📈: 1984, trend resistance
TA on the high timeframe:
1) Closing of the last two daily candles forms near range resistance. There is no downside after the false breakout
2) Price forms a liquids area below support and forms an impulse
TA on the low timeframe:
1) A pre-breakout consolidation is forming near channel resistance and 1984.
2) The trend is bullish and most likely the growth may continue in the near term
3) A break of the resistance will send the price to 1999.
Key support📉: 1978, 1972,2
Key resistance📈: 1984, trend resistance
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