gold made high 2092 in August 2020 on bar “A”. bar “B” widespread down bar broke and close below the low of bar “A”. Weekly Two Bar reversal setup formed on Gold. Two key reversal weekly bars formed on bar “C” & “D”. Bar “E” & “F” inside bars did not make a new high or low while closed towards the low.
Key reversal bar formed on 8th august made a new high while closed on the low. Descending triangle pattern formed on daily time frame. price formed lower high mean each subsequent high is lower than the past one. 1930-40 strong resistance area until hold there is probability for further weakness in the market.
Resistances: 1935 level, next level 1948 and 1963.
Supports: downside level 1855 reachable, next support 1830. 1800-1790 strong support area should hold for longer term season bullish pattern.