Gold has completed a Triple Top formation on its Daily chart, with the third top rejected at the Daily range resistance, giving us a strong argument to be short now and is also corelated at the moment with the charts for EUR/USD , GBP/USD and EUR/JPY, all pointing bearish outlook.
Our setup is to short at the current price (for those that did not short already) on the Daily chart and we have another positioning opportunity on the H4 chart.
As you can see, we have a Triple Top formation on the Daily chart and price has already dropped significantly.
Sell at the current price with a stop loss above the range's resistance and a target near the middle of the range.We are also in a corrective stage for the 1589-1794 wave.
Next, we see that we have a potentially good entry to short on H4.
The uptrend channel has been broken and price has dropped below the 1776.31 level and has broken its faster (blue) SMA as well. A Head and Shoulders formation has been confirmed - this gives us a strong argument for our short setup.
The proposed setup is to sell now with a stop loss above the broken level and a target near the next support of 1728.65 and near the 200 period SMA.