🏅GOLD - The bears are making another assault on the bulls

23 thg 5, 2023

Gold is declining and testing the 1952 level, which might hold the price for a while. But not for long. Another test of the support by the bears might cause the price to break 1952 and head towards 1935

TA on the high timeframe:
1) Rapid retest (2 days later) of 1952 support
2) The correction is gaining momentum. If the support of 1935 is broken through, the market may switch from a correction phase to a bearish trend phase.

TA on the low timeframe:
1) The 1981 level has held the price back. Bears 🐻 are quite strong at the moment
2) Support at 1952 is key now. An onslaught on the level is forming and it may be broken in the nearest future
3) Pullback from the level is possible.
4) Locally, after the main bullish trend is broken, a new local bearish trend is formed within the descending channel. Downside may continue

Key resistance: 1981
Key support: 1952