Hello traders, and welcome! Today, let's take a look at gold, presenting a great trading opportunity. As usual, I have identified a pattern, this time a price action reversal pattern called a "V top."
The price has broken below the breakout point at 2033.85, accompanied by a surge in volume, indicating increased market participation. Setting the stops above the high preceding the breakout seems like a strategic move.
Targets are established from the breakout to the V top, extending to the 38% and 62% levels as the initial targets.
Note
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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.