Hello traders, as you can see Gold printed a double top pattern witch is usually a reversal sign , it tells the end of a trend. However it is not good to make conclusions too quickly. The pattern is not confirmed until we see a truthfully breakout of the actual support.
The most likely thing to happen it is to hold it and bounce back again.
In conclusion:
If the price holds the support i will open a long position with target 2000$
If the price breaks down the pattern will be confirmed and i will open a short in the retest of the broken support (1700$-1680$) with target 1470$
I will be glad to see what do you think in the comments and if you agree with me push the like button.
The most likely thing to happen it is to hold it and bounce back again.
In conclusion:
If the price holds the support i will open a long position with target 2000$
If the price breaks down the pattern will be confirmed and i will open a short in the retest of the broken support (1700$-1680$) with target 1470$
I will be glad to see what do you think in the comments and if you agree with me push the like button.
Comment:
Long that