Is the Gold Rush Ready for a Breather?
As I have said many times, There is no reason to guess at a top when something is trading in unchartered waters (i.e. record highs) until charts tell you there is a reason to do so.”
This has especially been the case in GOLD, which has been on a tear the past 6+ weeks setting record highs repeatedly along the way, including today as it spike3d to 2942.
With that said, what I have learned is to not ignore what The Amazing Trader (AT) is showing on a chart as its patterns tend to repeat themselves in all instruments and in all time frames.
In this case, as shown in the following video, there isa an AT setup indicating a potential top in XAUUSD and a risk of a pause or even a retracement.
From an earkier post in the Global-View Forex Forum
Lock me up and throw away the key if I say charts show potential for a XAUUSD top or at least a pause and a time out to collect its breath given the strength of the trend.
Well, that is what this chart is showing
– Pause or just a breather as long as the 2942 high stays intact.
– Risk of a shift in directional; risk towards a retracement if 2920 holds on top and is followed by a break of 2896.
– Otherwise, it is just taking a breather with 3000 on its radar as long as it trades above 2896..
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