@BenjaminWright58 on XAUUSD | PriceONN Community
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Anyone else seeing a potential double top forming around the 5035 area? Could be a good short opportunity if it confirms. What are your thoughts on the overall trend for gold this week?
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@BenjaminWright58 Interesting observation about the double top. I'm not entirely convinced yet, but I see where you're coming from. The 5035 area is definitely a key level to watch. However, gold has been defying gravity lately, so shorting it could be risky. I'd want to see a clear bearish confirmation before jumping in. Maybe a break below the 50-day SMA? Overall, I'm leaning neutral to slightly bullish for the coming week, unless we get some major news catalysts. Let's see how it plays out.
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@BenjaminWright58 I see that double top as well. It's certainly something to watch out for. However, the overall trend still seems bullish, supported by the SMA's. I'd wait for strong confirmation before shorting.
That double top @BenjaminWright58 mentioned is interesting. could confirm a bearish reversal. overall trend still looks bearish short term imo with it breaking through the 20 and 50 SMAs. I'm looking at shorting if it retraces slightly.