The market stops GOLD fall at the local support level of 1912. On Friday, we saw a redemption of the fall, but the price could not overcome the resistance. The retest sent the price down
There is a sideways formation of the range between 1938 and 1912. The price might test one of the key resistances, but there is not much of a potential for the buyers at the moment.
Yesterday we analyzed the situation in the high D1 time frame and mentioned that the price broke the uptrend, and if the gold crosses below 1910, it will move under the red zone.
The MA50 acts as a local support and the MA-200 keeps pushing the price as resistance.
Most likely high volatility may not happen and the price will stay in the above range for some time
Support levels: 1924, MA-50 1918, 1912
Resistance levels: 1928, 1938, MA-200
I expect continuation of the consolidation formation, but in the medium term I expect a fall from the resistance, a possible retest of the support of 1912 and further fall after a breakthrough
There is a sideways formation of the range between 1938 and 1912. The price might test one of the key resistances, but there is not much of a potential for the buyers at the moment.
Yesterday we analyzed the situation in the high D1 time frame and mentioned that the price broke the uptrend, and if the gold crosses below 1910, it will move under the red zone.
The MA50 acts as a local support and the MA-200 keeps pushing the price as resistance.
Most likely high volatility may not happen and the price will stay in the above range for some time
Support levels: 1924, MA-50 1918, 1912
Resistance levels: 1928, 1938, MA-200
I expect continuation of the consolidation formation, but in the medium term I expect a fall from the resistance, a possible retest of the support of 1912 and further fall after a breakthrough