Technical outlook on a ranging market
Updated
I'll explain after it occurs
Note
As you can see in the 15 minute chart XAUUSD, a double top is about to form. The first peak was formed in the early morning at 5:45 am UTC +3. The 2nd peak was formed 6 sessions behind and the price has retested that particular area until now. The Stoch indicator is about to read overbought and the BB is in a squeeze meaning that a breakoout is about to occur.1. Wait for the pattern to be completed
2. The price should break below the neckline of the pattern before you enter your short order
3. Target for 1876 zone but make sure you put your stop loss at half the height of the Double top.
Note
One more thing... today's pivot point may hold as the next support if the neckline of the Double top is broken. If the price doesn't break below that particular area, reverse your order and ride the bounce till the top of the double top before locking in your profits.
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