GOLD is still under bearish pressure. A false break-down of the triangle resistance makes the price prepared for a further decline to 1939. What to expect from the price today?
The U.S. is having a day off today, so there will probably not be much volatility. The dollar index has been slowly strengthening since the opening session, which could cause the gold price to fall to 1939.
On Sunday, I did a review on the global gold situation and at this point, there is a lot of suggestion that gold could break 1939 support.
Locally, the technical analysis shows the same situation.
Until the bulls are able to break the resistance of the triangle, the situation will not change, but if the buyers can break through this area, the price will reach the resistance of the 1984, very quickly due to liquidity.
Resistance levels: the upper boundary of the triangle, 1963, 1984
Support levels: 1953, 1939
I expect price to decline to the support of the figure for another retest. But if the price tries to break the resistance (as there might be a strong consolidation as a reason for that), then the situation will change and it will be necessary to consider long positions to hold for 1984.
The U.S. is having a day off today, so there will probably not be much volatility. The dollar index has been slowly strengthening since the opening session, which could cause the gold price to fall to 1939.
On Sunday, I did a review on the global gold situation and at this point, there is a lot of suggestion that gold could break 1939 support.
Locally, the technical analysis shows the same situation.
Until the bulls are able to break the resistance of the triangle, the situation will not change, but if the buyers can break through this area, the price will reach the resistance of the 1984, very quickly due to liquidity.
Resistance levels: the upper boundary of the triangle, 1963, 1984
Support levels: 1953, 1939
I expect price to decline to the support of the figure for another retest. But if the price tries to break the resistance (as there might be a strong consolidation as a reason for that), then the situation will change and it will be necessary to consider long positions to hold for 1984.