Double Top + Zigzag Complete: Are Bears About to Take Over Gold?
Yesterday, the financial markets in general, including Gold(
XAUUSD) , acted like a roller coaster after the news of Powell's dismissal. After this news was denied, Gold returned to its main trend, which I published in my previous idea.
Gold is currently re-attacking the Support line, Support zone($3,326-$3,325) and 50_SMA(Daily).
In terms of classic technical analysis, it seems that gold has formed a Double Top Pattern for support breakdowns, where a Support line breakdown can also be accompanied by a neckline breakdown.
From the perspective of Elliott Wave theory, it seems that Gold has managed to complete the Zigzag Correction(ABC/5-3-5), and we should wait for the next bearish waves.
I expect Gold to break its supports and move towards $3,290; support breaks are best done with high momentum. An important price that can change the direction of Gold's downside is $3,350.
Note: If Gold breaks the Resistance lines and forms an hourly candle above $3,351(Stop Loss (SL)), we can expect further Gold gains.
Gold Analyze (XAUUSD), 2-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
XAUUSD) , acted like a roller coaster after the news of Powell's dismissal. After this news was denied, Gold returned to its main trend, which I published in my previous idea.Gold is currently re-attacking the Support line, Support zone($3,326-$3,325) and 50_SMA(Daily).
In terms of classic technical analysis, it seems that gold has formed a Double Top Pattern for support breakdowns, where a Support line breakdown can also be accompanied by a neckline breakdown.
From the perspective of Elliott Wave theory, it seems that Gold has managed to complete the Zigzag Correction(ABC/5-3-5), and we should wait for the next bearish waves.
I expect Gold to break its supports and move towards $3,290; support breaks are best done with high momentum. An important price that can change the direction of Gold's downside is $3,350.
Note: If Gold breaks the Resistance lines and forms an hourly candle above $3,351(Stop Loss (SL)), we can expect further Gold gains.
Gold Analyze (XAUUSD), 2-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Short Position was activated
Gold looks like it could decline again with the help of the Falling Wedge Pattern.
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Disclaimer
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🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
Related publications
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.