Analysis on XAUUSD
Gold created a double top on a monthly timeframe and then broke out of the neckline which tells us that the trade reversal is a very strong one. we're expecting it to drop down to the next support zone which is 1400. on the weekly timeframe, we can see gold break out of a dynamic support trend line then go down to the monthly timeframe neckline, reverse to hit the previous resistance zone before falling which also tells us that there was a break and retest from the weekly dynamic support trendline. we can also see gold creating a pullback then I drew the fibonnaci from the swing low to the swing high(the retest of the trendline) and we see gold get to the 0.618 fib level and then begin to fall again. with all these, I strongly believe gold is falling massively to the next support zone. it will get there next year lol so its a massive swing trade. SHORT GOLD.
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