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Trading signals for #GOLD → Buyer weakness leads to a retest of support

2023-08-01 06:50 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Buyer weakness leads to a retest of support

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GOLD is forming a false break of support after which a bullish impulse is developing, which is predictable, but within the framework of the local rally the price cannot update the local maximum, which may indicate buyer weakness

A fall is formed after the establishment of LH 1972. The price breaks the 1959 level and forms a consolidation below the level. A consolidation in this area may form a potential for further decline, which may form another retest of 1948 support, and this movement will already form a potential for a possible breakout of this area with a further decline to 1933.

After the breakout of the uptrend, a flat is formed and the price can stay within these limits for quite a long time, but there are no preconditions for breaking through the flat resistance or flat support. We are waiting for the price to approach the boundary and will follow the reaction

Support levels: 1953, 1948

Resistance levels: 1959, 1972.

I expect the price to decline to the flat support. Further reaction to the level of 1948 will show the medium-term potential (rebound or breakout to 1933 is possible).

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