🥇GOLD - False breakdown forms a double top

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold on Friday forms a false breakdown of flat resistance (indicated on the chart). On Monday, the market forms a retest of the upper boundary and forms a false breakout again.

TA on the high timeframe:
1) The market is still continuing to form a bearish trend
2) A retest of the liquidity area forms a false breakout, indicating buyer weakness at the moment.

TA on the low timeframe:
1) Consolidation under resistance is forming. The market is preparing to fall
2) Within the flat we have the following targets: 1916.7 and 1907.6, which can be reached in the near future
3) Ahead is the local support at 1922 which may push the price away. At this point, the market may retest the resistance
4) We care about the dollar's reaction to the news. If the dollar starts to rise and overcomes the resistance, gold will head towards 1900.

Key resistance📈: 1928.5
Key support📉: 1922, 1916 and 1907

All about GOLD🥇
Trading Tips💡
Secrets of🔑

All information in my FREE TELEGRAM: 🌹

My contact:

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.