GOLD 23.10. Consolidation at fall. Bearish signal

Short

Gold Spot / U.S. Dollar (OANDA:XAUUSD)

OANDA:XAUUSD Gold Spot / U.S. Dollar

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Hi!
Let's take a look at the lower timeframes of gold

1) The price forms a local consolidation after the retest of support 1734. If the price enters below this zone, a surge in volumes and a decline in price to the key Fibonacci points of 0.618 and 0.5 is possible
2) On the daily timeframe, the price is squeezing the support, which indicates the players' intention to decrease the price.
3) On the 4-hour timeframe, the price is squeezed in a range. After testing resistance, the price returns to support. The first attempt of breaking through support may be played as a false-break and the market maker will continue gaining ground
4) Consolidation is formed on the downtrend, which may be regarded as accumulation for continuation of falling
5) Targets for short: 1721, 1701, 1667

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