Gold Futures Short at 2730 $ as Double Top Pattern formation completed and Neck Line is Broke successfully with retest done in H1 time frame.
Expected fall towards 2700 $ which will be Profit Taking level.
Characteristics of a Double Top Pattern:
Two Peaks:
The price creates two nearly equal highs, indicating strong resistance at that level.
The peaks are separated by a pullback (called the "valley").
Support Breakout:
The pattern is confirmed when the price breaks below the "neckline" (the horizontal line connecting the lowest point of the valley).
Volume:
Volume is typically higher during the first peak and lower during the second, showing weakening bullish momentum.
Bearish Implication:
When the neckline is broken, it suggests a potential downtrend, as buyers fail to push the price higher.
Expected fall towards 2700 $ which will be Profit Taking level.
Characteristics of a Double Top Pattern:
Two Peaks:
The price creates two nearly equal highs, indicating strong resistance at that level.
The peaks are separated by a pullback (called the "valley").
Support Breakout:
The pattern is confirmed when the price breaks below the "neckline" (the horizontal line connecting the lowest point of the valley).
Volume:
Volume is typically higher during the first peak and lower during the second, showing weakening bullish momentum.
Bearish Implication:
When the neckline is broken, it suggests a potential downtrend, as buyers fail to push the price higher.
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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.
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.