Xauusd SELLING @Double top formation ,Its time to Falling ....

kemarin dulu

The XAU/USD (Gold) market, currently at 2656, is forming a strong double top pattern with a bearish sentiment targeting 2620. Here's a detailed analysis:

Technical Analysis:

1. Double Top Confirmation:

The double top indicates a reversal of the prior uptrend.

A neckline break below 2640 confirms the bearish breakout.



2. Bearish Target Calculation:

The target for the double top pattern is typically calculated as the height of the pattern from the neckline projected downward.

Immediate target: 2620, which acts as a key support zone.



3. Key Resistance and Support Levels:

Resistance: 2665–2670 (above neckline, potential re-test area).

Support: 2620 (short-term target), followed by 2600 (psychological support).



4. Indicators:

RSI: Likely trending lower but watch for oversold conditions near 2620.

MACD: A bearish crossover supports further downside potential.

Volume: Increased volume on the sell-off strengthens the bearish outlook.





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Trading Plan:

Sell Entry: If the price stays below 2650, continue holding or initiate a short position.

Take Profit (TP): 2620 as the first target. If the bearish momentum continues, consider 2600 for an extended target.

Stop Loss (SL): Place above 2670 to protect against a false breakout.



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Fundamental Factors to Monitor:

1. U.S. Dollar strength (DXY): A stronger USD supports a bearish gold move.


2. Economic data (e.g., CPI, employment figures): High-impact news can accelerate gold's downside.


3. Geopolitical events: Sudden safe-haven demand could disrupt the bearish trend.



Let me know if you'd like live updates or a chart analysis!https://www.tradingview.com/chart/BTCUSD/bBNQ3g7q-Bitcoin-Head-Shoulder-Pattern/ XAUUSD