Gold has finally broken below the neckline of an HnS which has been forming since the beginning of the year.
This is a clear sign of a bearish trend but we always avoid chasing after the trend whenever a breakout happens.
Instead, wait for the price to pull back and retest the breakout level (neckline) to see if there's any more demand left and if there's more supply to keep pushing the price lower.
Let's wait for the retest from 1.284 and we can look for a selling opportunity if there's a clear sign of a stop.
This is a clear sign of a bearish trend but we always avoid chasing after the trend whenever a breakout happens.
Instead, wait for the price to pull back and retest the breakout level (neckline) to see if there's any more demand left and if there's more supply to keep pushing the price lower.
Let's wait for the retest from 1.284 and we can look for a selling opportunity if there's a clear sign of a stop.
