Disliked{quote} I don't know of any indicator that can draw my zones. I use an engulfing pattern and mark an area where price is likely to react from(based on 1 year of backtest and2 years of forward testing).Ignored
- #48,722
- May 5, 2026 6:59am May 5, 2026 6:59am
- Joined Aug 2010 | Status: Trader | 5,350 Posts
{quote} some daily and weekly pivots seem good targets too. {image}
dolce vita
- #48,723
- May 5, 2026 7:08am May 5, 2026 7:08am
- Joined Aug 2010 | Status: Trader | 5,350 Posts
{quote} maybe, when we get there. but i'd very cautious in selling from 4580 - 4600. IMO, 4550 -4600 IS MANIPULATION ZONE If we see a 30mins closing below 4550, then the top is set for the rest of the day. especially after the US jobs numbers.
but about pattern and to respect it..,
about "manipulation zone".., i choose 4530-80th
anyway "safe" sell/short under 4500.., "safe" buy/long above 4600th.., can be wrong of course
this chart i have posted already after Close
H4, some pitchfork staff
safe trades
dolce vita
only will look for this {image}
While the technical chart suggests a bearish "Rounded Top" or a "Head and Shoulders" variation pointing toward a drop to the 4,400 level, I believe this is a classic bear trap. Here is why Gold is actually gearing up for a move upward, not downward:
1. The "Bear Flag" is actually a Consolidation Zone
The small upward channel (flag) forming at the end of the curve isn't a sign of exhaustion. Instead, it looks like a bullish consolidation after a sharp dip. If the price breaks the upper resistance of this channel, it will invalidate the bearish pattern entirely.
2. Strong Support at 4,500
The price has already tested the psychological support area around 4,500 and bounced. The bearish projection assumes a clean break downward, but we are seeing significant buying pressure at these lower levels.
3. Macro Fundamentals Outweigh Patterns
Technical patterns often fail in the face of macro reality. With ongoing global uncertainty and central banks continuing to diversify their reserves, the fundamental demand for Gold remains at an all-time high. A technical "dip" is often just a "buy the dip" opportunity for institutional players.
4. False Breakouts
We’ve seen this before—a pattern looks "too perfect" to be true. Retail traders are being lured into short positions, creating the perfect liquidity for a short squeeze that will propel Gold back toward the 4,640+ range.
Success is not final, failure is not fatal... - Winston Churchill
