🥇GOLD - Wedge. Resistance breakout. What could happen?

2023년 8월 16일

Gold breaks the resistance of the key figure and prepares for further growth. What is likely to happen? Will there be a rise or a fall?

TA on the high timeframe:
1) A false breakout is forming on D1. Quite a complicated setup that stretched for two days
2) After the false breakdown the price may be interested in the area of 1912-1920.

TA on the low timeframe:
1) A bearish wedge is forming on the chart
2) The price forms a rebound from the support of the key figure and an impulse of 36% is formed, which indicates an active attack of buyers.
3) The price breaks the resistance of the wedge, a figure that can break the trend, most likely the rebound can last until the nearest strong resistance.

Key support📉: 1902.87
Key resistance📈: 1914.12