🏅GOLD - Exit from consolidation will determine further actions

7 giu 2023

Gold is in a range between 1981-1935. After a strong drop, the price stops. The level of 1935 can hold the price for quite a long time, as bulls continue to resist. Exit from the local 1964-1954 consolidation will determine further direction.

TA on the high timeframe:
1) Price is in a sideways range. Flat may be playing the role of consolidation for the continuation of the movement in one direction or the other
2) Price is forming a consolidation (bottom chart) near 1966 to break through this resistance.

TA on the low timeframe:
1) Bounces off support and a fairly strong bullish reaction.
2) Price continues to retest resistance for a breakout
3) The price can break both support and resistance and in that case give us an indication of its further target.
4) But right now, amidst a weakening dollar, we can assume that price is preparing to go higher

Key resistance 1964
Key support 1954.