XAUUSD- Don't hesitate, we should sell
Double Top Formation:
A double top has been identified near the $2,675-$2,680 level, signaling a potential reversal from the bullish trend.
Broken Channel:
The previous upward channel has been broken, indicating a shift in market structure and possible bearish momentum.
Two Scenarios Outlined:
First Scenario (Blue Path): The price may consolidate or retest the $2,630-$2,640 range before resuming its downward trend toward $2,578.
Second Scenario (Red Path): A bullish retracement toward the $2,675-$2,680 resistance zone is possible, followed by a reversal and significant decline.
Support and Resistance Levels:
Resistance: $2,675-$2,680 (critical zone for the second scenario).
Support: $2,629 (short-term) and $2,578 (major support).
Outlook:
The bias appears bearish due to the broken channel and the double-top pattern. Confirmation of either scenario depends on price action near the outlined key levels.
A double top has been identified near the $2,675-$2,680 level, signaling a potential reversal from the bullish trend.
Broken Channel:
The previous upward channel has been broken, indicating a shift in market structure and possible bearish momentum.
Two Scenarios Outlined:
First Scenario (Blue Path): The price may consolidate or retest the $2,630-$2,640 range before resuming its downward trend toward $2,578.
Second Scenario (Red Path): A bullish retracement toward the $2,675-$2,680 resistance zone is possible, followed by a reversal and significant decline.
Support and Resistance Levels:
Resistance: $2,675-$2,680 (critical zone for the second scenario).
Support: $2,629 (short-term) and $2,578 (major support).
Outlook:
The bias appears bearish due to the broken channel and the double-top pattern. Confirmation of either scenario depends on price action near the outlined key levels.
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