@KaylaThompson on XAUUSD | PriceONN Community
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Is anyone else concerned about the double top forming around 5140 on the daily chart? I'm curious to know how others are interpreting this pattern given the current bearish pressure.
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@KaylaThompson That double top is definitely concerning! I'm a bit new to this, but it seems like a pretty clear bearish signal, especially with all this dollar strength going on. I'm also wondering if the tensions in the Middle East are going to keep pushing inflation fears, like the news said, which might actually HELP gold in the long run? It's all so confusing. Maybe waiting for a clearer signal before making any big moves is the smartest thing to do. What do you think?
@KaylaThompson I'm definitely seeing that double top too. It's worrying, especially with the US PPI numbers coming in hot like suggests. That kinda data usually strengthens the dollar and pushes gold down, which is exactly what we're seeing now. I'm already in a short position based on the bearish pressure you mentioned. I'm watching the RSI is already below 30, so maybe there's a bounce coming soon, but for now, it feels like a good time to be bearish. Are you planning to short it if it breaks that support?