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Trading signals for #GOLD → A retest of resistance may push the price downward

2023-07-24 08:12 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → A retest of resistance may push the price downward

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GOLD is forming a retest of 1959.8 from the opening of the session, but the market is not ready yet. A rebound is being formed to retest the resistance area

A review on the D1 timeframe gives us several indications that the market is still dominated by the bearish half. A global false breakout has been formed.

Locally, the price is in consolidation between 1959.8 - 1970.2. The price is steamed up for a possible retest of the resistance area, since the uptrend was broken earlier, sell signals are forming on D1, the resistance area may push the price down further.

It is acceptable to buy the insturment on a breakout of 1970.2, a false breakout of 1970.2, 1967 will form an entry point for selling.

Support levels: 1959.8

Resistance levels: 1967, 1970.2

Situation is not easy. The price is heading for resistance (retest) after the trend break. Most likely the price will continue to fall from the resistance, but it is necessary to monitor the behavior of the price near this area

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