DeGRAM | GOLD correction from resistance

XAUUSD reached the resistance level, which it could not break through.

The chart broke through the dynamic support, which now acts as resistance.

The long upper shadow on the candlestick after breaking the dynamic support signals the weakening of the bulls, as well as the doji formed near the resistance.

We expect a pullback to the 50% retracement level from the last bullish impulse.


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Comment:

XAUUSD broke down the ascending channel.

The chart is moving between two trend lines acting as dynamic support and resistance levels. The price is forming a local descending channel.

We think that GOLD will continue to decline to the 50% retracement level of the last bullish impulse after the resistance retest.

Comment:

XAUUSD returned to the ascending channel and reached our previous target.

Gold is still directed to look for all time high.

We think that the price will correct from the current level.

Comment:

GOLD broke through the lower boundary of the ascending channel.

The chart confirmed the dynamic resistance and afterwards formed a bearish takeover.

We think that the price will continue to decline to the 62% retracement level.

Comment:

GOLD unsuccessfully tried to return to the channel boundaries.

XAUUSD continues to move between the trend lines.

The volatility of the movement has significantly decreased, which means that the chart will soon give a new impulse.

Many candlesticks indicate that the market is uncertain and the bears are getting stronger.

We expect a decline.