🏅GOLD - False Breakdown 1935. H&S strengthens the price
Gold is recovering. Regarding the support of the uptrend channel and the strong 1935 level, a reversal pattern is forming, which reminds us of the H&S. Gold is likely to continue rising on Friday
TA on the high timeframe:
1) Gold in a hard consolidation between 1981 and 1935. False breakout of support has been made.
2) Potential resistance target (market maker may be interested in this)
3) The dollar index is severely weakened, Thursday's daily candlestick suggests that the decline may continue
TA on the low timeframe:
1) Locally within range we have an uptrend.
2) The price has approached resistance 1965. There is a chance of the start of a pullback, but it might be small.
3) From the area of 1960 or 1954, after a pullback, the price may continue its rise. But if the gold breaks 1965 now, there will be an impulse towards 1970.
Key resistance: 1965.
Key support: 1960, 1954
TA on the high timeframe:
1) Gold in a hard consolidation between 1981 and 1935. False breakout of support has been made.
2) Potential resistance target (market maker may be interested in this)
3) The dollar index is severely weakened, Thursday's daily candlestick suggests that the decline may continue
TA on the low timeframe:
1) Locally within range we have an uptrend.
2) The price has approached resistance 1965. There is a chance of the start of a pullback, but it might be small.
3) From the area of 1960 or 1954, after a pullback, the price may continue its rise. But if the gold breaks 1965 now, there will be an impulse towards 1970.
Key resistance: 1965.
Key support: 1960, 1954
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