MarcellusLUX

Are we witnessing the formation of a top in Gold?

Short
MarcellusLUX Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Dear traders, after the relentless uptrend in Gold, price action shows
that Gold may have peaked for now. While the price went above
the key 2000 level, there was no sustained move beyond 2000.

In fact, Gold has fallen quite rapidly since then. I would say that the zone
around 2000 level will act as a resistance for now. Besides, we have 3 consecutive
bearish candlesticks in the daily chart.

So, my trade idea for Gold would be to sell the rallies if price reaches the
2000 level again. I would be targeting the 1927 level as the first TP.
Comment:
Bearish price action intensifies in the 4hour timeframe
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.