🥇 GOLD - A narrow flat could provide strong momentum

4 thg 8, 2023

Gold continues to consolidate and gather liquidity to move in one direction or the other. The NFP report will be released soon which will give a medium term view on pricing

TA on the high timeframe:
1) Price has broken 1938.9 support and is forming accumulation below the level.
2) The market is preparing to develop medium-term interest. Consolidation below the support indicates that the market is ready for a fall
3) If after accumulation below 1938.9 the price goes back up behind the level, a strong momentum to 1950 will be formed



TA on the low timeframe:
1) Trend support was previously broken
2) Price is forming a prolonged and narrow flat. There is a huge amount of energy forming inside 1932 - 1938. If 1930 is broken, a strong momentum to 1913 will be formed
3) BUT! If a false breakdown is formed (price returns inside the channel and breaks through 1940, a strong upward impulse will be formed.

Key resistance: 1938-1940
Key support: 1930-1932