๐ฅGOLD - False breakdown forms a double top
Gold on Friday forms a false breakdown of flat resistance (indicated on the chart). On Monday, the market forms a retest of the upper boundary and forms a false breakout again.
TA on the high timeframe:
1) The market is still continuing to form a bearish trend
2) A retest of the liquidity area forms a false breakout, indicating buyer weakness at the moment.
TA on the low timeframe:
1) Consolidation under resistance is forming. The market is preparing to fall
2) Within the flat we have the following targets: 1916.7 and 1907.6, which can be reached in the near future
3) Ahead is the local support at 1922 which may push the price away. At this point, the market may retest the resistance
4) We care about the dollar's reaction to the news. If the dollar starts to rise and overcomes the resistance, gold will head towards 1900.
Key resistance๐: 1928.5
Key support๐: 1922, 1916 and 1907
TA on the high timeframe:
1) The market is still continuing to form a bearish trend
2) A retest of the liquidity area forms a false breakout, indicating buyer weakness at the moment.
TA on the low timeframe:
1) Consolidation under resistance is forming. The market is preparing to fall
2) Within the flat we have the following targets: 1916.7 and 1907.6, which can be reached in the near future
3) Ahead is the local support at 1922 which may push the price away. At this point, the market may retest the resistance
4) We care about the dollar's reaction to the news. If the dollar starts to rise and overcomes the resistance, gold will head towards 1900.
Key resistance๐: 1928.5
Key support๐: 1922, 1916 and 1907
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