Are we witnessing the formation of a top in Gold?

Dear traders, after the relentless uptrend in Gold, price action shows
that Gold may have peaked for now. While the price went above
the key 2000 level, there was no sustained move beyond 2000.

In fact, Gold has fallen quite rapidly since then. I would say that the zone
around 2000 level will act as a resistance for now. Besides, we have 3 consecutive
bearish candlesticks in the daily chart.

So, my trade idea for Gold would be to sell the rallies if price reaches the
2000 level again. I would be targeting the 1927 level as the first TP.

Kommentera:

Bearish price action intensifies in the 4hour timeframe