RLinda ! GOLD-> False breakdown. The beginning of a correction?

2022年11月17日

GOLD advances to a price high of 1786.545 on Tuesday, up nearly 10.5% overall from the bottom. The price makes a new high on August 16, 2022.


(Chart1. Daily Timeframe. Technical Analysis)

On the global chart, price makes a false breakout of the 1765.575 level and today price is updating the low of the last 3 days.

• The price did not reach about 18 dollars to the resistance of the daily MA-200. Gold enters the range of 1765.5-1726.8 and it has a downside potential of 2.2%.
  
• Daily RSI is forming a bearish signal and it's signaling the beginning of a down-correction.
  
• Daily MACD is still bullish
  

On the hourly chart, a consolidation is forming under the level of 1765.23 after a false breakdown. The important zones ahead are as 0.786 FIBO and 0.618 FIBO, the latter is under the support of 1727.85. I expect that if this maneuver is not false and the price forms the first step for a technical pullback, the fall of the price can reach the 1727.85 zone and test the key Fibonacci level, which is at 1721.65

Regards R. Linda