BeachBum9_4

Since hitting the ATH in October, we have been going downward. We will go back up and hit a new ATH but not until a major correction so the "big guys" will buy more gold at a cheaper price. No big investors or corporate bunnies are going to buy gold at this price. We definitely see short term BUY scalps for sure, but nothing worth shouting over.I entered a long term short at 2661 and I will ride that down until we hit my trend line. I will then reassess. Overall: Bearish

GOLD We are going down - I sold from 2650 and closed my buy trade there. Resistance is failing and we have formed a descending triangle. Gonna break to the downside. Sell now

A double top pattern paired with a red (bearish) engulfing candle in a downtrend on a 4-hour chart typically strengthens the case for a continuation of the downtrend. Here's why:Double Top: This is a reversal pattern, and its confirmation often signals strong resistance at the "tops." If the price breaks below the neckline of the double top, it usually leads to further bearish momentum.Bearish Engulfing Candle: This signals strong selling pressure. When it occurs after the double top and near resistance levels, it adds more weight to the bearish sentiment.Trend Context: Since the overall trend is already bearish, these patterns act as confluences for continued downside.Key Points:Watch the neckline (support level) of the double top for a decisive break. If it breaks with volume, it’s a stronger signal.Consider confirmation from additional indicators like RSI or MACD to avoid false breakouts.Set proper stop-loss levels in case of reversals, as gold can be volatile.

Key Observations:Support Zone:The price is bouncing off a clear support level (indicated by the yellow dashed line). This is often a strong indication of a reversal or continuation of an uptrend.Dragonfly Doji:The Dragonfly Doji at the bottom suggests that selling pressure has been absorbed, and buyers are stepping in. This is a bullish reversal pattern when seen near support.Trendline:The price is respecting an upward trendline, which could act as dynamic support and signal a continuation of the uptrend.Double Bottom:There’s a Double Bottom pattern highlighted earlier in the chart, which is another bullish indicator suggesting that the trend has a potential to continue upward.Volume Analysis:Volume seems to confirm the bounce, as there’s an increase during the rejection of the lower prices. Higher volume on a reversal is a positive signal.Take-Profit Zones (TP1, TP2):The yellow horizontal lines marked as TP1 and TP2 provide clear targets for upward movement if the price continues to rise.Predicted Direction:The overall bias here appears bullish, with an expectation for the price to move upward toward TP1 and potentially TP2. However, keep these points in mind:Confirmation: Watch for a bullish candle close above the support or trendline for confirmation of the upward move.Risk Management: Place a stop-loss below the Dragonfly Doji or the recent support zone to manage risk in case the market breaks down.Let me know if you'd like me to elaborate further!