๐ฅGOLD - Selling off on weak news. Pin-bar
Gold is losing almost 1.5% amid sell-offs. Yesterday, before the FED speech, the market maker strengthened the price to 1947.3. The news was strong for the dollar and weak for gold, thus we see a strong sell-off and at the moment the price is at 1919.5.
Ta on the high timeframe:
1) False break of resistance at 1934
2) A strong candlestick pattern is formed for further selling.
3) A pin-bar is formed on the background of the false breakout. Target 1900
TA on the low timeframe:
1) False breakout of sideways range resistance defines further targets as 1910, 1907, 1901
2) Market is still bearish, price is falling below key levels
3) A retest of 1922.4 may soon follow before further declines
Key support๐: 1916.9
Key resistance๐: 1922.4
Ta on the high timeframe:
1) False break of resistance at 1934
2) A strong candlestick pattern is formed for further selling.
3) A pin-bar is formed on the background of the false breakout. Target 1900
TA on the low timeframe:
1) False breakout of sideways range resistance defines further targets as 1910, 1907, 1901
2) Market is still bearish, price is falling below key levels
3) A retest of 1922.4 may soon follow before further declines
Key support๐: 1916.9
Key resistance๐: 1922.4
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