Possible Trade Short. Retrace on M-TOP breach lower.
Updated
Video is a trade I was on for educational purposes working on the very low timeframes. I noticed that on the Daily a neckline of what appears to me to be an M-TOP breach at the neckline. Think double top that has travelled down to the weak. part of the structure. More to follow
Trade active
The short trade is sill alive as price retraces. On the important daily an MTOP was breached at the neckline. Think doubletop that has travelled down to the weak short part of the structure..This has already retraced and tested the neckline, so your stop loss could be fairly tight. Price is moving up at the moment looking to take out short stop losses, Note
Still could fall a lot further. The MTOP on daily neck breach tells me it will keep coming down to 2600 at least. Due to volatility a Short stop loss probably at about 2625.
Trade closed: target reached
I took profit during Asian session the very next session at about 2580.
NOTE: Bit Tip (Signal) Gold price has finished its downside move from a Double top on Daily.
A triangle can easily be noticed and price has turned around at the bottom of Triangle in conjunction with a turnaround of the double bottom. I see the gold price moving upwards at next sessions, price may then turn down to test the bottom of daily Triangle before a very springy and compacted move the Gold price will breakout above the top of triangle and move towards earlier ATH near 2800 from memory.
On Monday I tipped that the USD$ move was slowing to the upside and that a more bearish scenario is likely. That has played out this week in the USDX, I have not checked its chart for a few days I will update.
Don't listen or pay much attention to the mixed signals you get from sites like Kitco suggesting Gold will fall over in 2025, they're trying to shake people out of Long positions, Gold is in a very strong uptrend and there will be corrections but the the trend will remain up and towards 3000 and reaching that level probably in 2025.
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