1. What happened yesterday
After dipping to 3340 in early trading—just shy of the key 3335 support where I was looking to buy—Gold resumed its bullish momentum that began on Friday. During the New York session, price spiked to a new intraday high near 3385. However, the final hour brought a pullback, and since then, Gold has entered a tight consolidation range.
2. Key question: Is Gold forming a short-term top?
The 1H chart shows a new failed breakout attempt above 3380 during the Asian session. This left behind a minor double top, with the neckline sitting around 3370. That level is especially important—it aligns with a short-term rising trendline.
3. Why a correction might follow
• Price rejected above 3380 twice
• Small double top visible on LTF
• 3370 is a make-or-break level (neckline + trendline)
• A break below could trigger a correction of the +1000 pips rally from Friday’s lows
4. Trade plan
While there is some evidence of a potential top, this remains a high-risk and aggressive short.
Any attempt to trade against the trend should be done with tight stops and small size .
5. Final thoughts
A short-term top could indeed be in place, but Gold must break below 3370 to unlock deeper downside. Until then, the bulls are still in control—just taking a breather. ⚖️
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
After dipping to 3340 in early trading—just shy of the key 3335 support where I was looking to buy—Gold resumed its bullish momentum that began on Friday. During the New York session, price spiked to a new intraday high near 3385. However, the final hour brought a pullback, and since then, Gold has entered a tight consolidation range.
2. Key question: Is Gold forming a short-term top?
The 1H chart shows a new failed breakout attempt above 3380 during the Asian session. This left behind a minor double top, with the neckline sitting around 3370. That level is especially important—it aligns with a short-term rising trendline.
3. Why a correction might follow
• Price rejected above 3380 twice
• Small double top visible on LTF
• 3370 is a make-or-break level (neckline + trendline)
• A break below could trigger a correction of the +1000 pips rally from Friday’s lows
4. Trade plan
While there is some evidence of a potential top, this remains a high-risk and aggressive short.
Any attempt to trade against the trend should be done with tight stops and small size .
5. Final thoughts
A short-term top could indeed be in place, but Gold must break below 3370 to unlock deeper downside. Until then, the bulls are still in control—just taking a breather. ⚖️
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade active
Gold broke under short term trend line and neck line of the small double top.3350 interim support is in fucus now.
After a mega sniper entry my short is running with a comfortable 150 pips profit at the time of this update
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.