🥇GOLD - Preparing for a further decline
Gold continues to decline and after breaking the key range, the price forms a bearish price channel. It is also worth noting the descending wedge on the background of a bearish trend.
TA on a high timeframe:
1) Gold is approaching the local key support of 1895. Possible rebound from the level to the nearest resistance
2) The trend is strong and obviously bearish. If one of the key support levels is broken, the price will continue a strong decline
TA on the low timeframe:
1) Another support level of 1910 is broken and price is forming a consolidation below the level
2) I expect a retest of 1895 in the near future
3) Price is getting ready to fall and this sentiment is medium term. The potential opens at 40-60 pips.
Key support📉: 1895
Key resistance📈: 1910
TA on a high timeframe:
1) Gold is approaching the local key support of 1895. Possible rebound from the level to the nearest resistance
2) The trend is strong and obviously bearish. If one of the key support levels is broken, the price will continue a strong decline
TA on the low timeframe:
1) Another support level of 1910 is broken and price is forming a consolidation below the level
2) I expect a retest of 1895 in the near future
3) Price is getting ready to fall and this sentiment is medium term. The potential opens at 40-60 pips.
Key support📉: 1895
Key resistance📈: 1910
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