Pashabxl
Short

XAUUSD: Despite a move on the upside, the goal remain 1180

FX:XAUUSD   Gold Spot / U.S. Dollar
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Gold had a little bit of a too much upside, at least more then I was expecting. In deed when the precious metal was at 1250, I had forssen a little marginal move towards 1280 or 1303 but not 1333.
Nevertheless, Gold could not hold at that level and is heading again towards 1313, 1303 and 1280.
At the very moment, the precious metal is overbought and there will be a trend back towards 1180 which remains our headline goal.
Having said that, we may be very much in a double top pattern. If that is the case, the neckline is at around 1240, and after a little pull up towards 1250-1260, gold may go down the drain towards 1220, 1200 and final goal 1180.
Bare in mind that depending on how long XAUUSD will stay at 1180, this could be the start for a long long long gold with 1400, 1700, 1900 and 2100 as a headline goal, but we are not there yet. We must complete the 1180 pattern.

Comments

Dear Technician, thank you very much for your comment, and you are very right in deed. That is why, I have put a double question mark in the graphic, as well as the If for the neckline.
Although the pattern is not a very clear double top with a clear up trend and a clear down trend that will mark the neck line, it has not the signal but the shape and therefore may very much behave as if it was. But on that one, I'd rather take the Fibo . But you are very right to mention it and I thank you a lot for your comment. Good luck . Very best.
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Thanks for your analyse i hope a down downside until 1240 and may be 1200~, hope we are right... See you
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Technician maximus71
Hello Pashabxl, thanks for your analysis. I think your mentioning a very key level at 1330, but i have to disagree on the double top u spotted if you allow me, as this is actually not a valid double top, as there is no clear uptrend prior to the tops. Good luck to you.
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