GOLD → Trend correction after breaking trend support

8 ก.ย. 2023

XAUUSD , after breaking trend support, forms a small correction and stops its fall around 1916. A trend bounce is forming and the price is testing an important resistance

Globally, gold is forming a global bearish price channel on the D1 chart, but on the dev timeframe we can also identify a sideways flat in the format of a symmetrical triangle. A breakthrough of one of the figura borders will form the strongest impulse to one side or the other.
Locally, on H1, the price may soon test not only the resistance level, but also one of the local highs marked by the red dot. At the moment we are considering a scenario of further decline from one of the mentioned resistance levels, as the price is forging and realizing a global bearish set-up - a decline after a false resistance of the descending channel.

Support levels: 1923.8, 1916
Resistance levels: 1926, 1932
I expect a retest of the resistance area before a further fall. The retest may be formed by a false breakout

XAUUSD GOLD GC1! DXY

Regards R. Linda!