XAUUSD:Head and shoulders or double top
Updated
https://www.tradingview.com/x/4qFuQ5xs/
Gold is currently under pressure at MA5 (2252-2254). If it breaks through, focus on the resistance of 2258-2263, and the support below is 2246-2241. If it falls below the support, consider the 2226-2218 range.
If it falls to around 2226-2223, you can try to trade long and pay attention to controlling the position. The rebound resistance will be concentrated at 2232-2236.
If the bulls make another effort to break through the resistance of 2258-2263, there is a high probability that it will reach a new high. Consider the 2271-2277 range, and at the same time prevent the market from forming a double top near 2270.
To sum up, my overall trading idea is to short at high levels.
Gold is currently under pressure at MA5 (2252-2254). If it breaks through, focus on the resistance of 2258-2263, and the support below is 2246-2241. If it falls below the support, consider the 2226-2218 range.
If it falls to around 2226-2223, you can try to trade long and pay attention to controlling the position. The rebound resistance will be concentrated at 2232-2236.
If the bulls make another effort to break through the resistance of 2258-2263, there is a high probability that it will reach a new high. Consider the 2271-2277 range, and at the same time prevent the market from forming a double top near 2270.
To sum up, my overall trading idea is to short at high levels.
Trade active
It found support near 2246 and then began to rebound. Pay attention to the resistance near 2258-2263. In the 1h chart, the indicator is favorable to the bulls. Based on this, it can be inferred that the probability of a breakthrough is relatively high.If it breaks through strongly, it will most likely be a head-and-shoulders pattern. If it breaks through in a volatile manner, it means that the bulls are not strong and consider the double top pattern.
Trade active
More like a double top, mainly shortTrade active
The resistance near 2263 is still relatively large. Although it broke through and reached a new high as expected, the bulls were not very strong when it broke through. Now we focus on observing the resistance in the 2263-2269 range and looking for opportunities to short.Trade active
It fell back after hitting around 2277. If you are following my signal trading, congratulations, you made a profit.Trade active
At present, the market has reached the resistance level again. From the indicator point of view, there is still room for growth. For the time being, we will observe the 2277-2289 range. The support will first be around 2263, followed by 2256-2252.If it falls below, consider around 2232. At that time, the pattern may be head and shoulders, which also means a sharp decline. For the rest of the week, the focus will be on Thursday’s NFP data. Once it is beneficial to the short side, it will fall below 2200.
Trade active
The short orders have already made huge profits. Next, observe the support near 2263. If it is effective, you can go long and catch the rebound. The rebound resistance is 2276-2283. If the bear is too strong and falls below the support, you need to consider the 2258-2252 range.
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