Gold (XAU/USD) - Double Top Formation & Potential Bearish Move
Gold (XAU/USD) has formed a double-top pattern at a key resistance zone around $2943, aligning with a bearish engulfing candlestick on the daily timeframe. This suggests a possible shift in momentum from bullish to bearish.
The price is currently retracing into a potential sell zone, where a rejection could lead to further downside movement. The fixed range volume profile and market structure indicate that sellers may step in, pushing the price lower towards key demand areas.
🔹 Key Technical Highlights:
Trading Plan:
📍 Look for bearish confirmation signals around the retracement zone for short opportunities. If price decisively breaks above $2950, reassess the bearish bias.
⚠️ Disclaimer: This is for educational purposes only. Always conduct your own analysis and risk management before taking any trades. 🚀
#XAUUSD #Gold #Forex #PriceAction #SmartMoneyConcepts
The price is currently retracing into a potential sell zone, where a rejection could lead to further downside movement. The fixed range volume profile and market structure indicate that sellers may step in, pushing the price lower towards key demand areas.
🔹 Key Technical Highlights:
- Double Top Resistance: $2943
- Bearish Engulfing on Daily TF 📉
- Break of Structure (BOS) on lower timeframes
- Potential Retracement Zone: If price fails to reclaim resistance, further downside is expected.
- Target Areas: First key support around $2850, with a deeper target near $2780 - $2760.
Trading Plan:
📍 Look for bearish confirmation signals around the retracement zone for short opportunities. If price decisively breaks above $2950, reassess the bearish bias.
⚠️ Disclaimer: This is for educational purposes only. Always conduct your own analysis and risk management before taking any trades. 🚀
#XAUUSD #Gold #Forex #PriceAction #SmartMoneyConcepts
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.
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.