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Trading signals for #GOLD → Resistance retest and false breakout of MA-50

2023-08-12 07:40 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Resistance retest and false breakout of MA-50

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GOLD is testing the indicated target support at 1912.7. A false breakout is formed and the market reacts with a rebound to the false breakout of the liquidity area

The price is testing the resistance of the next bearish channel. There is a possible reaction in the form of a fall from the resistance and at the same time, the price may test the resistance area above, there is no sense to talk about a change of trend and global growth now, I stick to the fact that the fall in the medium term will continue.

For us an important resistance area, in a bear market, will be the zone: 1919.6, 1924.8, 1930.2.

Moving averages act as resistance, the price is already testing MA-50 in the format of a false breakout.

Resistance levels: 1919.6, 1924.8, 1930.2.

Support levels: 1912.7, 1900

I expect the price to fall along the trend from the resistance areas. Strong bearish trend dominates the market.

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#XAUUSD 👑

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