GOLD → Support retest indicates buyer weakness

7 thg 8, 2023

XAUUSD has weak buying power at the moment. There is no update of local highs, the price is returning to the support retest. The probability of support breakdown is increasing

On the daily timeframe the price tried to test the strong resistance 1939, a false breakdown is formed and consolidation below the level. After this phase we saw a local distribution and another retest of the downtrend support. The price is testing another support at 1935.8, consolidation below the level will create a bearish potential and in the short term the price may form an impulse to 1927.

Support levels: trend support, 1935.8, 1927.5.
Resistance levels: 1943.3, 1954.
The probability that the support breakout will be true at this point is very high, the above described prerequisites for why the bulls are weak. On these bases, I am prioritizing a decline

Regards R. Linda!