Gold double top under pressure

Feb 24

📊During the day, gold showed a typical upward shock structure. After testing the pressure three times, it formed a classic "impact high and then fall back" pattern. The price completed the long-short conversion during the Asian and European sessions. A large negative engulfing pattern appeared in the first hour of the US session, indicating that the short-term bullish momentum was exhausted and the market entered a high-level oscillation and washing stage.

📊The price is still stable above the MA5/MA10 short-term moving average system. The medium- and long-term upward trend has not been broken. The momentum indicators show signs of divergence: the MACD red momentum column continues to shrink, and the RSI (14) is flat in the overbought area. Key support: 2916-2918 (MA10 + previous central top)

📊The long-short watershed is clear:
▷ Breaking 2956: Opening the long space of 2968-2982
▷ Breaking 2916: Triggering a deep correction of 2880-2860

🔴Upper resistance level:
-First: 2945
-Second: 2950
-Third: 2956

🟢Lower support level:
-First: 2918
-Second: 2916
-Third: 2900

Feb 25

Trade active

🟢GOLD BUY @ 2935-2940

🔴SL 2918

🔸TP1 2945 Move SL to BE
🔹TP2 2954