Gold is breaking a new milestone and breaking the support of the descending price channel.
Price is consolidating between the downtrend line and 1933.9 support, pre-breakdown consolidation may break the support and price will fly downwards
TA on the high timeframe:
1) Break of support at 1938 (lower boundary of the global range
2) Consolidation below the support is forming
3) Negative fundamental background for gold
TA on the low timeframe:
1)Trend support is broken, price is consolidating lower
2)If 1933.9 is not broken, then there will be a false break of support and price will head towards 1950
Key support📉: 1933.9
Key resistance📈: 1938.7
Price is consolidating between the downtrend line and 1933.9 support, pre-breakdown consolidation may break the support and price will fly downwards
TA on the high timeframe:
1) Break of support at 1938 (lower boundary of the global range
2) Consolidation below the support is forming
3) Negative fundamental background for gold
TA on the low timeframe:
1)Trend support is broken, price is consolidating lower
2)If 1933.9 is not broken, then there will be a false break of support and price will head towards 1950
Key support📉: 1933.9
Key resistance📈: 1938.7
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