🏅GOLD - Price is in a sideways range. A rebound from support

6 Jun 2023

Gold is strengthening after forming a local low of 1938.5. The lower boundary allows us to make a local uptrend channel within the boundaries of the 1981 - 1935 sideways range where gold is still in.

TA on the high timeframe:
1) Price is not ready to fall at this point. A rebound from global range support is forming. On D1 it looks like a consolidation
2) This kind of consolidation can be a global prerequisite for further decline to 1900 or even to 1880, but that will happen if the price does not overcome the resistance of 1981.

TA on the low timeframe:
1) Gold makes a retest of resistance 1964. A consolidation is formed, which prepares the price to break through this line of defense.
2) There is a local up-trend and the target of the movement may be 1984, which is the upper limit of consolidation
3) Most likely, before 1964 breakthrough, the rebound will follow.

Key resistance 1964
Key support 1954