Gold Spot / U.S. DollarUpdated Is Double top forming on "Weekly" Chart?
Hope everyone had a nice weekend!
We are currently on the second peak on the weekly chart.
I will predict there would be NO too much fluctuation on the first half of the week.
Until the FOMC on this Thur, we could see if gold will further breakout to a ATH or dump to the neckline to form a double top.
So, I would suggest to trade as below.
Aggressive -
Trade between the range "2735 and 2790" because there is still not yet very bearish in the smaller timeframe.
Conservative -
Trade between the range "2693 and 2790" as 2693 would be a quite strong support and it is also Fibo 0.618, so most probably we could see a reversal.
Defensive -
Trade after FOMC.
We are currently on the second peak on the weekly chart.
I will predict there would be NO too much fluctuation on the first half of the week.
Until the FOMC on this Thur, we could see if gold will further breakout to a ATH or dump to the neckline to form a double top.
So, I would suggest to trade as below.
Aggressive -
Trade between the range "2735 and 2790" because there is still not yet very bearish in the smaller timeframe.
Conservative -
Trade between the range "2693 and 2790" as 2693 would be a quite strong support and it is also Fibo 0.618, so most probably we could see a reversal.
Defensive -
Trade after FOMC.
Trade active
Reach the first entry point "2735". Can consider Long position here. Note
TP1: 2745
TP2: 2756
TP3: 2770
Trade closed: target reached
Reached TP2. To be safe, I will close 70% of the position first.
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