Gold Analysis and Trade Setup
(Market Context)
Gold initially formed a downward parallel channel, indicating a bearish trend. However, it recently broke through the upper trend line of the channel, suggesting a potential trend reversal.
(Reversal and Double Top Pattern)
After breaking through the trend line, Gold rallied upwards but has since experienced a reversal from the previous higher high. This reversal has formed a potential Double Top pattern, indicating a possible trend reversal back to the downside.
Trade Setup:
Entry Zone: 2623_2626
Stop loss: 2631
TP1= 2618
TP2= 2612
TP3= 2606
TP4= 2600
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Gold initially formed a downward parallel channel, indicating a bearish trend. However, it recently broke through the upper trend line of the channel, suggesting a potential trend reversal.
(Reversal and Double Top Pattern)
After breaking through the trend line, Gold rallied upwards but has since experienced a reversal from the previous higher high. This reversal has formed a potential Double Top pattern, indicating a possible trend reversal back to the downside.
Trade Setup:
Entry Zone: 2623_2626
Stop loss: 2631
TP1= 2618
TP2= 2612
TP3= 2606
TP4= 2600
Follow my professional profile for Getting More Analysis.
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