Good day, dear traders! I present to your attention, an analysis of gold.
From the point of view of technical analysis, as well as the method of "stop hunting", gold has clearly left some "debts" during its rally, giving traders the freedom to buy the asset. However, in my opinion, this is another trap that will sooner or later close, as over the past two days, gold has formed a "double bottom" on the D1 timeframe, near the round level of $1,600.
After the true breakdown of 1,592 (the double bottom of Wednesday and Thursday), a huge potential opened up at 17000p:
I recommend looking at the asset's shorts, at least for the first goal which is 1592, and work out this idea during the American session using confirmations from smaller intraday timeframes.
Good luck in trading, control your risks, and have a good weekend!
