📈 GOLD → Setting and background foreshadowing the decline
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GOLD is updating the global maximum. The distribution stops. The market goes into correction state. But, what is also interesting, a setup is forming on the chart, foreshadowing a support breakout
Let's briefly discuss the current situation in gold, without a long rant. The upcoming week is full of news. FED & FOMC meetings and Powell's speech are the ones to pay attention to, as inflation, interest rate and other nuances that determine the medium-term outlook may be discussed.
Technically, gold is entering a correction phase. If we take a closer look at H1, we can see a descending triangle pattern. The character of the pattern is "support breakout, reversal and decline". This pattern can be interpreted as the presence of a strong seller or the absence of a buyer.
Resistance levels: 2160, 2166, 2173
Support levels: 2155, 2147, 2100
The market is waiting for a correction, which is evidenced by the fundamental background, technical analysis and candlestick patterns. There is a high probability that the support may be broken with the subsequent correction towards the mentioned liquidity areas