🥇GOLD - Bullish trend. Looking for an entry point
Gold is testing 1963 after breaking trend resistance. A correction and a retest of the local level 1959 is forming.
There is a possibility of a pullback to 1953, but now we can say that we are dealing with a bullish trend.
TA on the high timeframe:
1) The breakout of the descending channel gives its results. the bullish impulse continues to form
2) The price is in a new range. Most likely after the correction the growth to 1984 will continue.
TA on the low timeframe:
1) Retest of 1959 level will determine the further target
2) If a false breakdown and reversal set-up is formed, we will wait for correction to the nearest support levels.
3) At the moment, we should consider buying and strong support levels to open positions for the medium term.
Key support📉: 1959, 1953
Key resistance📈: 1960, 1970
There is a possibility of a pullback to 1953, but now we can say that we are dealing with a bullish trend.
TA on the high timeframe:
1) The breakout of the descending channel gives its results. the bullish impulse continues to form
2) The price is in a new range. Most likely after the correction the growth to 1984 will continue.
TA on the low timeframe:
1) Retest of 1959 level will determine the further target
2) If a false breakdown and reversal set-up is formed, we will wait for correction to the nearest support levels.
3) At the moment, we should consider buying and strong support levels to open positions for the medium term.
Key support📉: 1959, 1953
Key resistance📈: 1960, 1970
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