Gold Surges Above 2600—Prepare for a Potential Reversal
Updated
https://www.tradingview.com/x/EvxqeUNq/
After enjoying a pleasant weekend, we’re back to the action-packed market. Gold unexpectedly broke through 2600, reaching a high of 2631 today. Unfortunately, our short positions from Friday were caught in a trap.
However, there's no need to worry—trust me, a significant drop is inevitable, and it might be more dramatic than we anticipate.
Currently, the 15-minute chart indicates a potential for a small rebound, while the 2-hour chart signals bearish momentum. Based on this setup, it's likely that a head and shoulders pattern could form. Our strategy should be to increase our short positions above 2620 and patiently wait for the decline to unfold.
After enjoying a pleasant weekend, we’re back to the action-packed market. Gold unexpectedly broke through 2600, reaching a high of 2631 today. Unfortunately, our short positions from Friday were caught in a trap.
However, there's no need to worry—trust me, a significant drop is inevitable, and it might be more dramatic than we anticipate.
Currently, the 15-minute chart indicates a potential for a small rebound, while the 2-hour chart signals bearish momentum. Based on this setup, it's likely that a head and shoulders pattern could form. Our strategy should be to increase our short positions above 2620 and patiently wait for the decline to unfold.
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sell/tp 2616
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