GOLD → XAU breaks H1 support. False breakout on D1

5 wrz 2023

XAUUSD is forming a false breakout of the resistance of the global nisode channel. On the local timeframe the price broke the trend support. Can this be considered as signals?

Yesterday I talked about potentially important levels for us. Today, price is breaking the support area (local). The reaction to this is enough to break uptrending price channel support on H1. Pay attention to the D1 timeframe. Price is forming a false breakout of the DOWN price channel resistance against the background of the DOWN trend. If the pattern is confirmed (it will be a consolidation of the price below 1932), we will see the beginning of another strong fall in the near future. I talked about the potential of such a fall a few days ago. The target of such a movement could be the area of 1900, 1850 and 1800).



Support levels: 1925, 1913
Resistance levels: 1932
The price is forming several sell signals. We need to wait for the confirmation of a bearish set-up to open trades.

Regards R. Linda!