FXDAH
Short

XAUUSD daily double top

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
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9
Gold is volatile at the moment but has nonetheless formed a nice double top on the daily. The circled area shows what I'm anticipating here, a double top break of the neckline before a crash in gold over the space of a couple of weeks. I may be early here, heck, this may even go on and form a triple top but I think I am correct in my analysis that gold is going to crash and dispel its ostensible safe haven myth. I fear that once this neckline is broken cleanly then we could see gold drop like a lead balloon, but think the break of the 1680-1690 area will be tough and hardly smooth-sailing - let's hope we enjoy the ride. Gold always has a great risk reward which is why I like this trade.

Purely looking at price action and chart patterns here, no indicators as don't want to be put off what the market is telling me.

Comments

Chart Pattern look so well. But got so many tricky for a few day. Same goes to usd index, the chart pattern look so well as a tripple bottom that show for long position.
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