The real trader in the financial markets in all commodities and currencies depends mainly on the technical analysis of currencies and commodities. In other words, it is an analysis of the behavior of large investors, who are the market makers.
As these are the ones who make the market trend and determine the direction of the trend for a specific pair of currencies or commodities, through speculation with a very high capital, and we only have to analyze this investment behavior and the technical direction of the trend in addition to adhering to the strict capital management strategy and exploiting and riding the wave of In order to achieve the largest percentage of profits through the sale and purchase of currencies and commodities in addition to.
After doing the technical analysis of gold, we will see if we look at the daily chart of gold that it made two peaks in the same area, which is what is called in the world of forex technical analysis DOUBLE TOPS PATTERN, the first in the month of 8 2020 and the second in the month of 3 2023 which are 2070 areas per ounce, and it also broke the bottom area For the two peaks, which are the regions 1730-1750
This means that he is now preparing for the beginning of the downward journey, which will take some time between trying to recover and correct to continue the decline, in other words, market makers and investors are now preparing to reap the profits of the purchase contracts that they previously made, and resistance will begin through the bulls and the rest of the small investors, but soon they will win Bears are the ones who sell gold in the medium and long term.
Hence, we tell speculators in the medium and long term to always speculate with the market trend and not once morest it, and always speculate with the trend and not with the correction.
Get ready to open short deals on gold within a consistent strategy and strict capital management devoid of emotions.
Recommendations for trading on gold:
Now gold, as shown below in the pictures, is at 1850 areas, and this rise is corrective in an attempt to test the 1900 areas, and most likely it will fail and start falling from these areas, and we must monitor the market if any selling signal appears to enter in a measured manner. It is worth noting that gold usually follows the flag pattern in both the bullish and bearish directions, so you should start preparing to enter if a sell signal appears.
Goals on the medium and long term for gold:
The first target: areas of 1830 dollars per ounce
The second target: areas of $1,750 per ounce.
The third target: areas of $1,730 per ounce
We will define the rest of the regions later, following we see how the markets will go in the coming days.
We will publish recommendations and technical analyzes of gold periodically and soon to put you in all the details. Stay with us.
