🪙📉 Gold: Double Top Breakdown - Get Ready for a Bearish Ride! Attention, traders! We have an enticing bearish setup in the Gold market on the daily timeframe. The key to this setup lies in the formation of the double top pattern, where price establishes two prominent peaks at approximately the same level. This pattern serves as a robust bearish reversal signal, indicating a potential downtrend ahead. As price stagnated below the neckline, which acted as a strong resistance, the bearish sentiment intensified.
During this period of consolidation, a trend continuation triangle has taken shape. This triangle formation further reinforces the bearish bias, suggesting that the downtrend is likely to continue. As traders, we can leverage this setup and seek opportunities to profit from the downward movement.
Looking at the indicators, the moving averages continue to show a bearish momentum. These averages not only act as resistance levels but also validate the bearish bias. The convergence of these factors further supports the bearish outlook, providing additional conviction for traders to consider entering a short position on Gold.
With all these elements in place, it's time to seize the moment and enter a short position on Gold. The initial take profit level can be set around 1910, where we can secure partial profits and capitalize on the downward momentum. However, our ultimate target lies around the 1855 area, aiming to capture the potential continuation of the downtrend.
As you navigate this trade, remember to take significant profits when approaching the target area, as it represents a crucial support zone. Please respect money management, dont place more than 2% on that trade also.
Lets trade the trend ! happy trading !📉🪙
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