👑 Ideas For XAUUSD / GOLD
📈 GOLD → Sellers are testing trend support. What could happen?
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GOLD has been testing the local resistance area since the opening of the session and forming a false breakout with subsequent decline, but at the same time a symmetrical triangle is forming on the chart
📈 GOLD → Sellers are testing trend support. What could happen?
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GOLD has been testing the local resistance area since the opening of the session and forming a false breakout with subsequent decline, but at the same time a symmetrical triangle is forming on the chart
On D1 the market is still neutral, there is no strong news that would affect the price, but as we can see, gold is testing the global trend support. At the same time, the dollar index continues to form a bullish trend, which is bad for gold.
On H1, we can see the local trend change to a downtrend, but the continuation of the trend is hindered by the support of the symmetrical triangle. We have a chance to catch a breakout of this area. Consolidation of the price below the 2021 area will confirm the market sentiment, ready to decline to 2015-2010.
Resistance levels: 2026.4, trend resistance
Support levels: 2021, 2015, 2010, 2004
The gold market is under selling pressure, buyers are trying to hold this pressure, but against the backdrop of a strengthening dollar, the bulls' strength is starting to wear off. Breakout 2021, then 2015 may trigger strong sell-offs on the background of possible liquidation.
On H1, we can see the local trend change to a downtrend, but the continuation of the trend is hindered by the support of the symmetrical triangle. We have a chance to catch a breakout of this area. Consolidation of the price below the 2021 area will confirm the market sentiment, ready to decline to 2015-2010.
Resistance levels: 2026.4, trend resistance
Support levels: 2021, 2015, 2010, 2004
The gold market is under selling pressure, buyers are trying to hold this pressure, but against the backdrop of a strengthening dollar, the bulls' strength is starting to wear off. Breakout 2021, then 2015 may trigger strong sell-offs on the background of possible liquidation.