🥇GOLD - Retest of resistance gives a sell signal

11 sie 2023

Gold is testing a new low and updating the low. Price is forming a bounce and testing trend resistance, but more likely another decline may be formed which will further weaken the price.

TA on the high timeframe:
1) We should consider 1902.87 as a medium-term target
2) Yesterday's daily candle formed a strong enough signal to fall - a shakeout was formed (a candle with a long shadow). The market sold off everything it bought and closed the session at the very low.

TA on the low timeframe:
1) The market bought back the decline a bit and tested bearish trend resistance.
2) If price does not break trend resistance on the retest, the decline will continue
3) A sell signal is forming now, it is important to wait for the confirmation of the signal

Key resistance📈: 1919.7
Key support📉: 1914