GOLD SELL ANALYSIS 18 July 2024
The chart indicates multiple signals for a potential sell:
1. Double Top Pattern: The price has formed a double top near the resistance level, which often signals a bearish reversal.
2. Channel Resistance: The price has hit the upper boundary of the ascending channel and started to reverse, indicating a potential decline.
3 Overbought Conditions: The asset appears to be overbought, as indicated by the red circles and arrows, suggesting a correction is likely.
Profit Targets: The chart has clear take profit (TP) levels marked (TP1, TP2, TP3) below the current price, indicating expectations of downward movement.
1. Double Top Pattern: The price has formed a double top near the resistance level, which often signals a bearish reversal.
2. Channel Resistance: The price has hit the upper boundary of the ascending channel and started to reverse, indicating a potential decline.
3 Overbought Conditions: The asset appears to be overbought, as indicated by the red circles and arrows, suggesting a correction is likely.
Profit Targets: The chart has clear take profit (TP) levels marked (TP1, TP2, TP3) below the current price, indicating expectations of downward movement.
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