Gold Forecast: The Double Top Formation Underway?
Gold has repeatedly approached the supporting level of 1980. This might signify the upcoming potential breakout of this level. The price drop might lead to the formation of a reversal pattern such as a double top with the neckline at the level of 1980. So, let’s wait and see what is next.
Bitcoin might still pull from the supporting level of 25200 and hit the level of 30000. However, the current drop should only be considered as a mere correction.
The price of the currency pair USD/CAD keeps moving inside a symmetrical triangle, targeting different sides. The Canadian dollar is likely to pull from one of the triangle sides inside of the pattern. At that, it would be wise to follow the candlestick formations as any of the triangle sides can get broken through at any given moment. Time will tell how this scenario is going to work out.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.