Gold Market Analysis | Double Top Pattern
Gold is at the top of an uptrend and has formed a Double Top reversal pattern. This indicates a potential bearish move, especially as the market is nearing a breakdown of the 200EMA and neckline of the pattern.
Technical Analysis:
Bearish Order Blocks:
2880 – After the neckline breakdown
2910 – After a retracement to resistance
Target Range:
From the pattern height, the expected drop is 500+ pips.
Technical Target Levels:
2862 – First support
2842 – Second support
2831 – Key level
2812 – Critical breakdown point
2774 – Final target after trendline breakdown
Trading Insight:
Gold is showing strong bearish momentum, and after confirmation of the breakdown, holding short positions could yield high returns. Stay patient and follow the structure.
Technical Analysis:
Bearish Order Blocks:
2880 – After the neckline breakdown
2910 – After a retracement to resistance
Target Range:
From the pattern height, the expected drop is 500+ pips.
Technical Target Levels:
2862 – First support
2842 – Second support
2831 – Key level
2812 – Critical breakdown point
2774 – Final target after trendline breakdown
Trading Insight:
Gold is showing strong bearish momentum, and after confirmation of the breakdown, holding short positions could yield high returns. Stay patient and follow the structure.
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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.