🥇GOLD - Break of local support, the trend is still bullish

21 Jul 2023

Gold tests the resistance of the global range and makes a false breakdown of 0.5 fibo, which forces the market to form a correction, which in turn breaks 0.236 fibo and forms a consolidation below the level, preparing the market for further decline

TA on the high timeframe:
1) False break of resistance sends the price to 1960
2) The area of interest and liquidity is around 1945, most likely the price may reach this area soon

TA on the low timeframe:
1) Breakout of local support. In the near future the price may form a correction if a false breakdown of 0.236 fibo is made.
2) The trend continues to exist within the ascending channel
3) Within the trend, the price is forming a correction, the change of trend is out of the question.

Key resistance📈: 0.236 Fibo, 1972
Key support📉: 1961