Even though today's session on the gold market started with gains, the resistance zone at $ 1900 turned out to be too strong again. The area marked in purple is a result of earlier price reactions as well as the upper limit of the broad downward channel in which the price has been moving since August. In line with the classical technical analysis, a deepening of the declines cannot be ruled out. The scenario will change to bullish only when the above-mentioned level of $ 1,900 is broken. Only then would gold have a chance to resume the uptrend, but so far another attempt to break above has failed.
Gold interval D1. Source: xStation5
Looking at the lower time frame - H4 - price pulled back from the resistance at $ 1900 and it is possible that the price will move towards the support at $ 1850. This area is marked with previous price reactions and 1: 1 structures. Should this area be negated, the decline could deepen towards $ 1,817 or even $ 1,800 level. However, it should also be noted that the resistance zone at $ 1900 has been tested multiple times, so each subsequent attack can lead to a breakout.
Gold interval H4. Source: xStation5
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