🥇GOLD - Rally. The price strengthens and forms a retest

٢٤ أغسطس ٢٠٢٣

XAUUSD surprises by forming a rather strong movement on the background of weak news. This movement is based on technical factors, namely the realization of consolidation within the framework of correction on the background of bearish trend

TA on the high timeframe:
1) Price is correcting and aiming for resistance at 1937.5
2) Globally we have a bearish trend, locally this trend is opposite to the global one.

TA on the low timeframe:
1) I have marked support at 1918 and an ascending support line
2) Price may form a liquidity retest if this area is retested. If sellers sell the level on a pullback, price will break support and fly to 1900
3) At the moment there is a chance that from 1918 area the price will break up and hit 1930.

Key support📉: 1918.9, trend line
Key resistance📈: 1930