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.