GOLD, Double Top Formation Forming, Bearish Pressure Will Enter!

Hello Traders Investors And Community, welcome to this analysis where we are looking at the 4-hour timeframe perspective GOLD chart, the recent events, the current price-structure, and what we can deduce from it in order to profit out of possible outcomes. The last week's almost all global markets have been in a recovery to the upside since the corona-breakdowns saw this year but as real economy data is telling us the up moves aren't fundamentally backed besides that the market is building up a big bubble where retail investors opening accounts to participate in the market recovery and looking for demand pushing the price higher, on top of that smart-money is staying out of the rally and on the sidelines which are building up a high speculative environment that can be driven by retail investors and therefore not strong enough to hold on sustainable.

You can watch in my chart an asset which currently is highly valued near its all-time-high which does not mean the asset has no value but it means that the environment is overbought which is also confirmed on the higher timeframes, furthermore GOLD is currently building a double top formation which you can watch in my chart and which provides a high possibility to show bearish pressure to the downside when confirmed, this will happen when GOLD crosses below the neckline at 1790 you can watch in my chart when this scenario happens the minimum target at 1770 you can see marked in green will be activated, this will only be the minimum target from the double top formation which does not mean GOLD can fall more to the downside after these targets will be reached we have to see and examine if GOLD can recover or continue its journey.

This is currently the short-term perspective which does not mean GOLD is not bullish on the long run but there are some high possibilities to confirm bearish for GOLD not only why we have a highly speculative environment in stocks and also in other assets like GOLD this can lead to supply entering the market which can increase when a possible second wave enters the surface which can affect the environment similar to the down moves seen in march this year. There are many people telling the bear market has already ended which is a mere illogical approach at the moment and can prove fatal in the long run as there are still technical as well as fundamental signs which can invalidate the bullish scenario, therefore, it is important to be prepared when bearish signs not only show up in the short-run but also in the middle and long-run.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
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Information provided is only educational and should not be used to take action in the markets.