Idea from April 30: GOLD→ Double top formation signal
Hello traders,
At the beginning of the new week, our focus is on GOLD again.
After the slight upward correction since the end of last week, the price has started to fall and clearly outlines a potential "Double Top" formation of technical analysis.
As I predicted last week in my previous GOLD analysis, the price has broken below the Alligator indicator and is holding below it, and a free fall down to the potential target on the execution of the figure could follow from here.
We are currently in the selling zone. Most likely, the price will find first support at the level of 2295, which is the support line of the "Double Top" figure.
If it breaks this level and closes a candle below it will give a strong sell signal with target 2207 - the potential target on execution of the figure.
The resistance and support areas are as follows:
Resistance levels - 2353-2358
Support levels - 2295, 2207
At the beginning of the new week, our focus is on GOLD again.
After the slight upward correction since the end of last week, the price has started to fall and clearly outlines a potential "Double Top" formation of technical analysis.
As I predicted last week in my previous GOLD analysis, the price has broken below the Alligator indicator and is holding below it, and a free fall down to the potential target on the execution of the figure could follow from here.
We are currently in the selling zone. Most likely, the price will find first support at the level of 2295, which is the support line of the "Double Top" figure.
If it breaks this level and closes a candle below it will give a strong sell signal with target 2207 - the potential target on execution of the figure.
The resistance and support areas are as follows:
Resistance levels - 2353-2358
Support levels - 2295, 2207
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