🥇 GOLD - A retest of strong resistance. Correction ahead
GOLD is testing the resistance formed back in the spring and summer of 2023. The resistance level is strong enough and can stop the distribution, after which a counter-trend correction may occur
TA on the high timeframe:
1) bullish trend while the dollar index stands still
2) price is approaching a strong level, several months have passed since the last test.
TA on the low timeframe:
1) Price is testing the level, I don't think gold will break it from the first test
2) I am waiting for a false breakout or a bounce from the level.
3) Target in rebound phase: 1975, 1955
Key resistance: 1985
Key support: 1953
TA on the high timeframe:
1) bullish trend while the dollar index stands still
2) price is approaching a strong level, several months have passed since the last test.
TA on the low timeframe:
1) Price is testing the level, I don't think gold will break it from the first test
2) I am waiting for a false breakout or a bounce from the level.
3) Target in rebound phase: 1975, 1955
Key resistance: 1985
Key support: 1953
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