Hello everyone! Today i want to share some macro analysis with you!
Currently, after a sharp rally, the market has confirmed short-term top signals and is in a clear phase of accelerating decline ahead of the European market open. $Gold - main 2612(GCmain)$
The bearish “Dark Cloud Cover” pattern indicates that, after reaching an all-time high of 4,527.45, the 4-hour chart has closed with two consecutive bearish candles featuring extremely large real bodies, completely engulfing the real bodies of the previous bullish candles.
Technically, this is a classic signal of a top formation and reversal.
Currently, there are no signs of a bottoming out indicated by a lower shadow; prices are expected to continue testing the 4,425–4,430 range during the upcoming European and U.S. trading sessions!
Medium-term consolidation and top formation: If bulls can mount an effective rebound near 4,420, the market may evolve into a top-formation pattern characterized by wide-range consolidation between 4,415 and 4,500; if the price breaks below 4,410 directly, the medium-term bullish trend will be definitively over.
In the short term, traders can look to profit from pullbacks, with a focus on sell orders; however, the medium- to long-term outlook for gold remains bullish! $USD/XAU(USDXAU.FOREX)$
Comments