🥇GOLD - Another retest of 1930 in a weak market

٨ أغسطس ٢٠٢٣

Gold is reducing its volatility and continues to consolidate at 1933.9. On the global timeframe, support at 1938.9 is broken and preconditions for further decline are forming

TA on the high timeframe:
1) False breakout after correction. The level of 1938.9
2) Liquidity area. The price is forming another retest.

TA on the low timeframe:
1) A situation of buying weakness is forming. Price returns to the retest of 1933
2) There could be a bounce on a decline to trend support, but medium-term potential remains with sellers.
3) The area below 1930 is quite tight and does not let the price in yet. Further continuation of narrow consolidation is likely

Key support: 1933.9, 1930, 1926
Key resistance: 1937, 1938, 1943