🥇 GOLD - The market is preparing for further growth
GOLD updated its high on Friday to 2009 and is now forming a correction. Most likely the market may be interested in liquidity to the area of 1990-1980. The growth may continue.
Prerequisites:
1) Strong trend stops, consolidation forms after the stop. There is no deep correction or fall and renewal of lows
2) Support retest is formed after updating highs
3) The market gives an opportunity to enter at a lower price (large buyers are interested in this) before further growth
4) Consolidation above the previously broken triangle line. A mirror support level is being formed
Key resistance: 1997.64, 2001.5
Key support: 1991.1, 1985
Prerequisites:
1) Strong trend stops, consolidation forms after the stop. There is no deep correction or fall and renewal of lows
2) Support retest is formed after updating highs
3) The market gives an opportunity to enter at a lower price (large buyers are interested in this) before further growth
4) Consolidation above the previously broken triangle line. A mirror support level is being formed
Key resistance: 1997.64, 2001.5
Key support: 1991.1, 1985
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Gold broke triangle resistance earlier in the day.
The correction forms a retest and bulls hold the support
Breakout and consolidation above 2000 will give good buying potential for gold