🏅GOLD - False breakdown after a strong rise. Correction?
Gold is flying up and testing the 2023 high of 2067. After a strong rally and shakeout, it would be logical for the price to stand still.
TA on the high timeframe:
1) Gold makes a false break of key resistance at 2048.77
2) Strong bullish trend continues
3) Daily moving averages act as support
TA on the low timeframe:
1) A local upward support line is forming. If the price sticks to it, the rise will continue, but if the price breaks the support, it will go down to 2019.
2) Gold looks very good for a medium-term bullish position.
3) The key range is 2048 - 2020. Gold from resistance could head down to support to form a consolidation.
Key resistance is 2048.77,
Key support: uptrend line, 2020 level.
TA on the high timeframe:
1) Gold makes a false break of key resistance at 2048.77
2) Strong bullish trend continues
3) Daily moving averages act as support
TA on the low timeframe:
1) A local upward support line is forming. If the price sticks to it, the rise will continue, but if the price breaks the support, it will go down to 2019.
2) Gold looks very good for a medium-term bullish position.
3) The key range is 2048 - 2020. Gold from resistance could head down to support to form a consolidation.
Key resistance is 2048.77,
Key support: uptrend line, 2020 level.
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