🥇 GOLD - A narrow flat could provide strong momentum

2023年8月4日

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