🥇GOLD - Retest of a previously broken trend line

28 Jul 2023

Gold breaks local trend support and updates the low to 1942.5. A reversal pattern is forming on the global timeframe, but the fundamentals are giving the opposite signal.

TA on the high timeframe:
1) On the secondary movement on Wednesday and Thursday, the price failed to update the local high and is declining to the shoulder base area
2) A false breakdown of the liquidity area is being formed. If the price fixes below, the potential for a fall will be formed

TA on the low timeframe:
1) A break of support forms a correction to the previously broken line
2) The resistance area can be tested by a false breakout. For the short scenario to be confirmed we need to wait for consolidation below 1957
3) Price is forming a correction and testing 0.382 fibo, most likely there is a chance for consolidation to 0.5 fibo, but only the price reaction to this area will give us confirmation whether there will be a rise or fall

Key resistance📈: 0.382, 0.5 fibo, trend line
Key support📉: 1948