The precious metal is showing signs of an intriguing squeeze within a meticulously formed 4-hour Triangle. Our focus lies in a potential short position, anticipating a breakthrough to the downside. Here's why: 👇
📈 On the daily timeframe, a compelling triple top pattern has emerged at the significant level of 2072. A signal of possible downward momentum.
🕒 Zooming in on the 4-hour chart, the 200 Simple Moving Average (SMA) has been breached, hinting at potential further declines. Additionally, the Bollinger bands are gradually expanding, implying an imminent breakout.
✨ The convergence of these three factors could ignite a compelling impulse for a well-timed sell entry, with a conservative target set at 1863.
⛔ To manage risk prudently, we suggest placing a stop just above the upside of the triangle, providing a safety net in case of unexpected price movements.
Before you take action, always evaluate the Risk-Reward Ratio carefully, aiming for at least 1:1.5 to ensure a balanced and rational approach.
Stay informed and seize the potential rewards in the ever-dynamic gold market! 📊💰
(Note: The above information is not financial advice. Always conduct your research before making any investment decisions.)
📈 On the daily timeframe, a compelling triple top pattern has emerged at the significant level of 2072. A signal of possible downward momentum.
🕒 Zooming in on the 4-hour chart, the 200 Simple Moving Average (SMA) has been breached, hinting at potential further declines. Additionally, the Bollinger bands are gradually expanding, implying an imminent breakout.
✨ The convergence of these three factors could ignite a compelling impulse for a well-timed sell entry, with a conservative target set at 1863.
⛔ To manage risk prudently, we suggest placing a stop just above the upside of the triangle, providing a safety net in case of unexpected price movements.
Before you take action, always evaluate the Risk-Reward Ratio carefully, aiming for at least 1:1.5 to ensure a balanced and rational approach.
Stay informed and seize the potential rewards in the ever-dynamic gold market! 📊💰
(Note: The above information is not financial advice. Always conduct your research before making any investment decisions.)
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.
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.