🥇 GOLD - The false breakthrough of global resistance

Sep 5, 2023

Gold in the global perspective is within the boundaries of the bearish price channel. There are several reasons both for the price fall and for further growth. But in priority we consider the realization of a false breakout.

TA on the high timeframe:
1) A bearish price channel dominates the market for several months. The price retests the resistance after 1 month
2) There is little chance of a breakout at the moment, if a correction and a retest is formed within 1 week, then the probability of a breakout will be higher.

TA on the low timeframe:
1) A false breakout and further consolidation is formed against strong resistance
2) Price forms a false breakout of 1948 resistance, another retest fails and closing around 1946 confirms the presence of a strong seller in the market.
3) The area of 1935 and 1939 plays an important role for us. A break of one of them will form an impulse.
4) But a break of 1935 support will send the price to trend support, which will determine the future direction

Key resistance📈: 1939
Key support📉: 1935, 1931