Double top sell signal in Gold?
|Gold
-
Gold beat resistance at 2909/13 & the break above 2916 hit the targets of 2925/28 & the all time high at 2940/42.
-
We wrote: I will also watch to see if a negative candle forms to signal a potential double top sell signal.
-
**WE HAVE THE BEARISH ENGULFING CANDLE ON THE DAILY CHART TO CONFIRM DOUBLE TOP SELL SIGNAL.**
-
Perhaps $3000 was expected by too many speculators!
-
There is minor support at 2883/78 but after Friday's price action a break below 2876 seems likely for a sell signal on Monday targeting 2865/63 & probably strong support at 2848/44.
-
Of course the bulls have not given up & they are likely to defend this level so look for a bounce from here.
-
Longs need stops below 2835.
-
Targets: 2855, 2862, 2874.
-
Resistance at 2900/2905 & shorts need stops above 2910. Targets: 2890, 2880, 2870.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.