There are currently two possibilities for gold. One is a double top pattern, where it is met with resistance around the previous high of $1830 and experiences a direct pullback. The other is a head and shoulders pattern, where it reaches a new high, pulls back to a support level around $1824, and then rebounds to face resistance around $1830 before dropping below the $1824 support level and falling to around $1820.
Regardless of the pattern, there is a probability of over 80% that it will eventually drop to the $1824 support level.
I will continue to track the trend of gold and share my thoughts. Please feel free to leave me a message if you have any questions.
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Shorting goldTake-profit: 1825 1821
Stop-loss: 1836
Trade active
The head and shoulders pattern has reached its peak, now waiting for a pullback.Trade closed: stop reached
The price surge was too strong, hitting my stop-loss level and triggering my exit.Trade active
If there is support at 1831, it may be advisable to consider opening a long position.Trade active
Based on the current conditions, we have an 80% confidence level that gold will form a head and shoulders pattern. There are two options at this point: one is to open a short position directly, and the other is to wait for the right shoulder to form and the head and shoulders pattern to be confirmed before opening a short position.Trade active
Gold rebounded after testing the support level near 1831, and if measured at twice the height of the left shoulder, the high point will appear around 1839 US dollars. If measured at three times the height, the high point will appear around 1845. Based on the daily candlestick chart, gold is expected to experience a significant increase of over 20 US dollars within a weekTrade active
Resistance levels are at 1839 and 1842 respectively. I believe that after a rise of almost $20, there is a need for a short-term pullback to confirm support. Therefore, it is possible to engage in bearish trades within the resistance range, but it should be noted that since the daily candlestick trend is biased towards an uptrend, holding bearish positions for too long is not advisable. The profit target is referenced at 1834 and 1832.Note
1834 has been reachedNote
1832 has been reached
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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.