Gold - Double Top Chart Pattern?
The market is going to form a double top chart pattern. If so, we should expect for the downward movement to 1300.00 level at least and watch for the price action in that zone.
If the price can drop below 1300.00 level, for confirmation the double top chart pattern as a reversal one the price will need to break the local swing low. It will give a signal that the short term uptrend is reversed and the price is going to reach 1280.00 support level.
If the price moves above 1312.00 level or bounces from 1300.00 and breaks the swing high at 1312.00 level, it will confirm the continuation of the main uptrend. Reversal and breakout signals at important levels and zones can be used for trading.
If the price can drop below 1300.00 level, for confirmation the double top chart pattern as a reversal one the price will need to break the local swing low. It will give a signal that the short term uptrend is reversed and the price is going to reach 1280.00 support level.
If the price moves above 1312.00 level or bounces from 1300.00 and breaks the swing high at 1312.00 level, it will confirm the continuation of the main uptrend. Reversal and breakout signals at important levels and zones can be used for trading.
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