Gold formed a double top on 6 October, if you go further back in my charts you will see I highlighting that. As I have said, the market moves in 3 levels most times. And on the 4hr it has made 3 intraday levels down from last week.
If you look at the yellow box support, the price should go back down to test this structure. This is a very dangerous zone, because on the daily chart, we have made 3 levels down from the second leg of a massive double top on the 19th of April , and as the picture paints, I predict a very strong double bottom formation on the daily as well as on the 4hr. So I am in a small sell now, down to that zone, and then I will wait for confirmation of the buy from the zone, and buy it back up
So flip into the daily, give it a look and let me know if you see what I see.
If you look at the yellow box support, the price should go back down to test this structure. This is a very dangerous zone, because on the daily chart, we have made 3 levels down from the second leg of a massive double top on the 19th of April , and as the picture paints, I predict a very strong double bottom formation on the daily as well as on the 4hr. So I am in a small sell now, down to that zone, and then I will wait for confirmation of the buy from the zone, and buy it back up
So flip into the daily, give it a look and let me know if you see what I see.
Trade active
Sell going great, almost at the marked zone, nearing TP, 125 pip drop so far from entryTrade closed: target reached
180pips from my entry. Patience for the reversal or continuationTrade active
This analysis is still valid. We have not broken below the yellow box and retested for a sell, neither have we properly retested it yet to confirm a buy. Patience
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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.