GOLD Structured Breakout as Quadruple Top is Holding

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

GOLD has made a breakout to the upside, which might be qualified as a FALSE breakout as  LONG as the quadruple top is holding.

The Quadruple top is seen on the chart as the strong resistance (blue line). We should be holding our shorts as long as the market is below 1800. However, the structured breakout is gonna play out below 1790. The target is 1776, the ATR projection low. Have in mind that 1800 is a psychological level so from an intraday perspective, breakout below 1790 could be well executed if bearish momentum kicks in.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of