🥇GOLD - A reversal pattern. Key level 1857

١٠ أكتوبر ٢٠٢٣

GOLD is forming a reversal pattern that changes the local trend. At the moment, for the market to continue the growth scenario, we are interested in the level of 1857.7. If gold can hold this level, we will see the realization of the pattern and growth to 1877 and to 1901.



TA on the high timeframe:
1) Price inside the range 1875 - 1815. But resistance has not been reached yet. 1875 area is the actual target at the moment
2) A strong pullback is being formed, the target of which may be the area of 1885-1890.

TA on low timeframe:
1) A reversal pattern " Cup with a handle" is being formed. Exit beyond the resistance of the local consolidation will give us growth and realization of the setup.
2) Flat support retest of 1857 is forming.
3) I am waiting for price consolidation above. It is necessary to confirm that the market is ready for growth.

Key support📉: 1855-1854, 1845
Key resistance📈: 1866, 1873, 1877