🥇GOLD - Retest of 1895 will determine the further direction
Gold is testing the wedge support and the level of 1895.34. The gradual renewal of the lows tells us about a strong downtrend and therefore it is a priority to consider selling.
TA on the high timeframe:
1) Something like a pin bar forms in relation to 1895
2) A bounce to 1914-1920 is possible to follow
3) Friday's daily candle close will determine further direction
TA on the low timeframe:
1) After a bounce from 1895, a retest of 1910 is formed. After a false breakout, the price consolidates below the level.
2) Maybe a shake-up will follow (false-break-down of 1910 or wedge resistance), and then the price will go back down towards 1895.
3) Decrease to 1895 will be interpreted as a retest and readiness for another decline, and 1880, 1860 are ahead.
Key resistance📈: 1910
Key support📉: 1895
TA on the high timeframe:
1) Something like a pin bar forms in relation to 1895
2) A bounce to 1914-1920 is possible to follow
3) Friday's daily candle close will determine further direction
TA on the low timeframe:
1) After a bounce from 1895, a retest of 1910 is formed. After a false breakout, the price consolidates below the level.
2) Maybe a shake-up will follow (false-break-down of 1910 or wedge resistance), and then the price will go back down towards 1895.
3) Decrease to 1895 will be interpreted as a retest and readiness for another decline, and 1880, 1860 are ahead.
Key resistance📈: 1910
Key support📉: 1895
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