🏅GOLD - The market bought out some of the fall. 1981 Retest

20 พ.ค. 2023Gold recovered on Friday to the level of 1981.68, which currently plays an important role between the division of the selling and buying area. The Fed did not express a precise stance on Friday, maintaining some neutrality while waiting for the economy to respond, but the hawkish view of a rate hike is declining, which the market reacts to.

TA on the high timeframe:
1) The market is buying back almost all of the decline made on Thursday
2) Price is still in correction format and is in the red zone as the upward channel was broken earlier
3) Locally the correction is formed, but globally the price is in the sideways range 2045 - 1935, in this case the price in the medium term can go to the bottom line

TA on the high timeframe:
1) We see a break in the ascending price channel
2) We see the downward price range formation and the price recovers from the channel support to the resistance area
3) The price is testing the peak volume density zone and the 1981.68 liquidity area. There is a possibility that this area is capable of pushing the price back
4) There is a large accumulation of trading volume in the 1981 - 1993 range and if the market maker takes the price beyond the 1981 level and the bulls can hold that area, price could form a strong momentum towards 2000-2020.
5) At the moment I am looking at the market in a bearish way. A stronger dollar is forming, there is no clear Fed rate stance, and gold is breaking strong support areas.

Strong resistance: 1981.68
Strong support: 1951