Gold (XAUUSD) – Downward correction likely to happen

Gold (XAUUSD) – Downward correction likely to happen

Namita Khurana
13 Sep 2019 06:25 PM
Analysing weekly chart of gold prices, we observe a steep vertical rise in the prices for last few weeks. For last 3 weeks, bearish reversal candlesticks have been formed by the price action started by a gravestone# doji with a high of $1555 followed by a shooting star* with a high of $1556 which led to the formation of a Tweezers Top. The Tweezers pattern is a minor trend reversal pattern that consists of two candlesticks with more or less the same high or a same low or some variation thereof. If the tweezers pattern appears in an uptrend, it is called a Tweezers Top and should have the same high. Tweezers top is too a bearish reversal pattern.

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