Market Structure:
Gold has recently formed a double top pattern near a key resistance level around $2980 - $2,995, signaling potential weakness in the uptrend. The price is currently testing this resistance for the second time, failing to break above it, will strengthens the bearish case.
Key Technical Observations:
• Double Top Formation: This pattern is a classic reversal signal, especially when accompanied by strong resistance.
• Resistance Zone ($2,980 - $2,995): Gold has struggled to break above this area, increasing the likelihood of a pullback.
• Neckline Support ($2836 - $2,855): If price breaks below this level, it could confirm the double top and trigger further downside.
• Bearish Divergence on RSI: The Relative Strength Index (RSI) is showing bearish divergence, indicating weakening bullish momentum.
• 200 EMA Support: The 200-period EMA on the 4H chart aligns with a potential support zone, making it a key area to watch
Recent reports indicate President putting has accepted the peace treaty making gold more bearish.
Gold is currently at critical decision point . if the double top is formed and the neckline breaks we could see further downside. HOWEVER TRADERS MUST REMAIN CAUTIOUS OF ANY FUNDAMENTAL DEVELOPMENTS THAT COULD IMPACT GOLD'S DIRECTION.
What are your thoughts on gold's next move??
Gold has recently formed a double top pattern near a key resistance level around $2980 - $2,995, signaling potential weakness in the uptrend. The price is currently testing this resistance for the second time, failing to break above it, will strengthens the bearish case.
Key Technical Observations:
• Double Top Formation: This pattern is a classic reversal signal, especially when accompanied by strong resistance.
• Resistance Zone ($2,980 - $2,995): Gold has struggled to break above this area, increasing the likelihood of a pullback.
• Neckline Support ($2836 - $2,855): If price breaks below this level, it could confirm the double top and trigger further downside.
• Bearish Divergence on RSI: The Relative Strength Index (RSI) is showing bearish divergence, indicating weakening bullish momentum.
• 200 EMA Support: The 200-period EMA on the 4H chart aligns with a potential support zone, making it a key area to watch
Recent reports indicate President putting has accepted the peace treaty making gold more bearish.
Gold is currently at critical decision point . if the double top is formed and the neckline breaks we could see further downside. HOWEVER TRADERS MUST REMAIN CAUTIOUS OF ANY FUNDAMENTAL DEVELOPMENTS THAT COULD IMPACT GOLD'S DIRECTION.
What are your thoughts on gold's next move??
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅📚STRATEGIES AND FOREX COURSE WITH LIVE EXAMPLES udemy.com/course/forex-mastery-the-path-to-becoming-a-confident-trader/?referralCode=7BA7D697F9CD81D6472B
✅‼️FREE FOREX GOUP‼️
t.me/Forxtay/1
✅‼️FREE FOREX GOUP‼️
t.me/Forxtay/1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.