Gold - Pullback?
Updated
Gold is one of the most hyped trading instrument of 2024. With all geopolitics going on I am very bullish of GOLD. I dare to say we can 10x from here when the current financial fiat system collapse as it will at some point. Yes I said it ;-). But let's not listen to me let's look at what the technicals say right now. I believe we will have a pullback coming.
Technicals
→ We created a double top
→ Week prior we created an engulfing weekly candle which the body encapsulated the weekly candle before. Although last weekly we saw a doji I still think we can drop soon.
→ Monthly we didn't have enough volume to close engulfing. We didn't even close past 50% of that wick
→ We broke the trendline.
→ We are creating a bear flag on the daily.
Trade
→ We can go to first zone and bounce back up like the first play say
→ I believe second play is most likely. I see a major support there.
→ 3rd play is the play when whenever price goes there anticipate aHEAVY support.
Your trading friend,
Simba Trades
Technicals
→ We created a double top
→ Week prior we created an engulfing weekly candle which the body encapsulated the weekly candle before. Although last weekly we saw a doji I still think we can drop soon.
→ Monthly we didn't have enough volume to close engulfing. We didn't even close past 50% of that wick
→ We broke the trendline.
→ We are creating a bear flag on the daily.
Trade
→ We can go to first zone and bounce back up like the first play say
→ I believe second play is most likely. I see a major support there.
→ 3rd play is the play when whenever price goes there anticipate a
Your trading friend,
Simba Trades
Note
With the correct logo now ;-)Note
Outlook is still bearish. Looking for shorts next week.Note
Scenario 1 has played out no bearish bias for short term
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