🥇GOLD - Correction after distribution
Gold is testing the local low of 1910 after which a reversal set-up is formed on the local timeframe, implying the beginning of the correction.
TA on a high timeframe:
1) The market is falling, it's hard to say when gold will start to recover. Right now several strong resistances and the fundamentals of trading stop the market from that.
2) A false-break-down of the support might give a slight strengthening of the price to the nearest levels.
TA on the low timeframe:
1) The market buys out the decline. Price strengthens to 1925.
2) I think if 1925 doesn't affect price, gold could strengthen to 1939 range resistance.
3) Priority is waiting for a bounce from resistance as we have a bearish trend
Key resistance📈: 1925, 1939.32
Key support📉: 1916 (0.618 Fibo), 1910
TA on a high timeframe:
1) The market is falling, it's hard to say when gold will start to recover. Right now several strong resistances and the fundamentals of trading stop the market from that.
2) A false-break-down of the support might give a slight strengthening of the price to the nearest levels.
TA on the low timeframe:
1) The market buys out the decline. Price strengthens to 1925.
2) I think if 1925 doesn't affect price, gold could strengthen to 1939 range resistance.
3) Priority is waiting for a bounce from resistance as we have a bearish trend
Key resistance📈: 1925, 1939.32
Key support📉: 1916 (0.618 Fibo), 1910
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