🥇 GOLD - Bounce off support

٩ نوفمبر ٢٠٢٣

Gold is falling, but as part of a correction against the main global trend. After 3 weeks, the price is heading to the support to test this area. After such a period of time there is little chance to break this support, besides we have no preconditions for it.

Prerequisites for a possible rebound:
1) Globally - bullish trend
2) Fundamentally - incomprehensible dollar, which is preparing to decline
3) Strong local trend support area
4) Key level 1940.39
5) Either a bounce or a false breakdown of support may follow.

Key resistance: 1969
Key support: 1940