🥇GOLD - Retest of global resistance. Trading in the channel

31 ago 2023

Gold on the global chart is testing the resistance of the key descending channel. There is little chance of a breakout of this area as gold's growth has been distributive. A pullback after a false breakdown may follow

TA on the high timeframe:
1) A retest of the descending channel resistance is formed
2) The retest is formed after a month, that's a lot of time for price to break resistance the first time around
3) The chance is higher that the decline will start.
4) DXY is testing an important level, if a bullish bounce happens, gold will start falling

TA on the low timeframe:
1) A breakout of the ascending channel is forming, but at the same time the price is bumping into a strong descending resistance line
2) The price can no longer update the local high, the retest forms a local high below the previous one.
3) If the price returns to the channel, under the 1942 area, it will start falling towards 1930.

Key support📉: 1942
Key resistance📈: 1948