🥇GOLD - Support retest gives a medium-term perspective

١٣ أغسطس ٢٠٢٣

Gold is testing one of the mentioned support lines and on Friday the price closes the session near the border. When the session opens on Monday, a quick fall to 1900 is possible

TA on D1
1) The dollar index smoothly tends upwards after the consolidation above 102.09, which indicates that the price is ready to grow further, and in this perspective gold will continue its fall.
2) The chart below is forming a consolidation before breaking through the 1914 area, a third retest is being formed.

TA on H4
1) A descending price channel is formed. The market is testing the support area of the channel for the third time already
2) The next retest may lead to a break of trend support, in this case the price may test 1900 or 1895.
3) Below this support is a strong area, buyers will not let 1900 be broken so quickly.
4) A bounce and correction is possible from 1900-1895

Key support📉: 1913.8, 1900, 1895
Key resistance📈: 1920, 1930