Oro / DollaroShort
🥇GOLD → The chart gives a set-up to sell
Gold breaks through support and makes a momentum move and updates the global low to 1889. It is likely that the market may continue to fall
TA on the high timeframe:
1) The nearest point from which we can expect to buy is 1902.87, a false breakout can be formed but it will take a lot of time
TA on the low timeframe:
1) Price breaks the support of the wedge, forming a correction
2) The correction may confirm the bearish market sentiment
3) The decline may continue from 1896.45
4) In the long term, there is a chance that price could fall to 1881.
5) The price needs to strengthen to 1903 to expect a rise
Key support📉: 1891, 1881
Key resistance📈: 1896, 1903
TA on the high timeframe:
1) The nearest point from which we can expect to buy is 1902.87, a false breakout can be formed but it will take a lot of time
TA on the low timeframe:
1) Price breaks the support of the wedge, forming a correction
2) The correction may confirm the bearish market sentiment
3) The decline may continue from 1896.45
4) In the long term, there is a chance that price could fall to 1881.
5) The price needs to strengthen to 1903 to expect a rise
Key support📉: 1891, 1881
Key resistance📈: 1896, 1903
❤️ Telegram channel: t.me/AndeWave
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