List of Confluences:
1: Double Top Pattern Formation
2: Trendline Breakout
3: Key Level Breakout and Change in Market Structure
After looking at the bigger picture, we have spotted a possible change in market structure on the monthly chart on Gold. This was result of over one year of trading in a range and consolidating.
We have listed the list of reasons why we think Gold has gone from bullish to bearish. We could see Gold push back down to levels last seen in 2019 before the Covid19 Pandemic as the dollar
continues to be extremely bullish at the moment. This setup requires extreme patients and traders could be holding their positions for between 6month to 2 years. Going forward we will be
looking to take only sells on gold until price changes from bearish to bullish.
1: Double Top Pattern Formation
2: Trendline Breakout
3: Key Level Breakout and Change in Market Structure
After looking at the bigger picture, we have spotted a possible change in market structure on the monthly chart on Gold. This was result of over one year of trading in a range and consolidating.
We have listed the list of reasons why we think Gold has gone from bullish to bearish. We could see Gold push back down to levels last seen in 2019 before the Covid19 Pandemic as the dollar
continues to be extremely bullish at the moment. This setup requires extreme patients and traders could be holding their positions for between 6month to 2 years. Going forward we will be
looking to take only sells on gold until price changes from bearish to bullish.