🏅GOLD - Rollback on Monday followed by a fall
Gold is flying down. The dollar is strengthening after the NFP on Friday.
I think we should prepare for what could be a slight buyout on Monday to the 1954 area followed by a drop to 1932.
TA on the high timeframe:
1) Price failed to break out of the 1981-1935 range and in a flat trading strategy, price moves down from resistance to support.
2) False breakout of the liquidity area from the resistance side generates a volume spike, after which the market maker reduces the price to support.
TA on a low timeframe:
1) Price is about to test the previously broken downward channel boundary. A bounce from this line is possible
2) Most likely, the bounce will probably happen to 1954.
3) From the resistance of 1954 I will expect fall in price, because gold has a negative fundamental background
Key support: 1944
Key resistance: 1954
I think we should prepare for what could be a slight buyout on Monday to the 1954 area followed by a drop to 1932.
TA on the high timeframe:
1) Price failed to break out of the 1981-1935 range and in a flat trading strategy, price moves down from resistance to support.
2) False breakout of the liquidity area from the resistance side generates a volume spike, after which the market maker reduces the price to support.
TA on a low timeframe:
1) Price is about to test the previously broken downward channel boundary. A bounce from this line is possible
2) Most likely, the bounce will probably happen to 1954.
3) From the resistance of 1954 I will expect fall in price, because gold has a negative fundamental background
Key support: 1944
Key resistance: 1954
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