🏅GOLD - False breakdown of support. The price is in a range

14 thg 6, 2023

The gold makes a false break-down of the uptrend channel support. The price channel does not carry the key importance, when we are interested in the 1981-1935 sideways range, in which the gold has been staying for several weeks.

TA on the high time frame:
1) A surge of energy is forming on the back of fundamental data. The market continues to gather liquidity and energy within this range
2) At this point, it is not clear when price will be able to move out of this range. Consolidation between support and resistance continues

TA on the low timeframe:
1) False breakout of the 1943 level and upward channel support forms a bullish momentum. A retest of 1957 is forming.
2) The price is in a sideways range and now it is difficult to identify the key points where you can open the deals, except the flat boundaries (support 1943, resistance 1954 and resistance 1976).

Key resistance: 1957
Key support: 1943