Gold breaks the ascending price channel on the H4. The price is testing the support area of 1976, but after a pullback the price returns to retest the level. What should we expect from the price next?
A strong price range was broken earlier and gold is forming a rather voluminous bearish momentum, breaking the key liquidity area in the 1983 zone. The XAU is entering a bearish area.
On the D1, the price breaks the 50-day moving average, on the H1 the MA200 and MA50 play the role of resistance. The rest of the key indicators are in the red zone.
On D1 (left chart): yesterday's daily candlestick closes as close to the level as possible and from the opening of the session the price breaks support and goes into a sell zone.
Strong resistance: 1985, 1993.
Strong support: 1976, 1969, downtrend line (dashed)
I expect the formation of another retest of the level of 1976 with a subsequent break of support and further decline to 1950. There is a chance that the market will try to buy the fall. If the metal crosses over the level of 1985, we might see it strengthening till 1993 or even till 2000.
A strong price range was broken earlier and gold is forming a rather voluminous bearish momentum, breaking the key liquidity area in the 1983 zone. The XAU is entering a bearish area.
On the D1, the price breaks the 50-day moving average, on the H1 the MA200 and MA50 play the role of resistance. The rest of the key indicators are in the red zone.
On D1 (left chart): yesterday's daily candlestick closes as close to the level as possible and from the opening of the session the price breaks support and goes into a sell zone.
Strong resistance: 1985, 1993.
Strong support: 1976, 1969, downtrend line (dashed)
I expect the formation of another retest of the level of 1976 with a subsequent break of support and further decline to 1950. There is a chance that the market will try to buy the fall. If the metal crosses over the level of 1985, we might see it strengthening till 1993 or even till 2000.