Hey traders,
Gold remains very bearish since the beginning of September.
The price is steadily falling within a wedge pattern on a daily.
Approaching its resistance, here are two potential scenarios for you to trade & follow:
- Remember that while the price is within the boundaries of the wedge,
we remain bearish biased.
On 4H I see a perfect foundation for a double top formation.
1745 - 1750 will be its neckline.
Wait for its bearish breakout as your signal to short with 1725 being the initial target. - Bullish breakout of the resistance of the wedge will be a strong bullish trigger.
In case of a daily candle close above that, a bullish continuation will be expected at least to 1786.
Wait for the decision of the market & then follow.
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Note
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✅Join My Telegram Channel: t.me/VasilyTrading
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
Related publications
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.