Gold
XAUUSD
formed a double top pattern and broke below the neckline. I will wait for confirmation of a rebound from the neckline area at 1985.35, which is the 23.60% Fibonacci retracement level and the 50-period moving average on the hourly timeframe. If the price stays below this level, it is a sell signal targeting 1963 and 1954. However, if the price continues to rise and breaks above 2003, it is a buy signal, and the price can be bought at this level or on a retest.
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XAUUSD
formed a double top pattern and broke below the neckline. I will wait for confirmation of a rebound from the neckline area at 1985.35, which is the 23.60% Fibonacci retracement level and the 50-period moving average on the hourly timeframe. If the price stays below this level, it is a sell signal targeting 1963 and 1954. However, if the price continues to rise and breaks above 2003, it is a buy signal, and the price can be bought at this level or on a retest. -------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
Trade closed: target reached
