Direction: XAUUSD 24.10 Lower High Breakout Bearish Perspective
3 month ago, Gold at their All-time high thanks to buyer's effort. Seller took the advantage here and push the price all the back down there. This give impact to the buyer because they want to cover their losses. They began increase their risk to push the price back to the trendline. This happen for 4 times.
In last 3 month, they do break 4 times and trader does not expect this move which is a fakeout. Participants thought it seller cannot sustain a new key level anymore, a new uptrend. which never comes. This make the trader frustrated and tend to avoid the next breakout. If I make a measurement on how overextend the price are from the breakout point and trendline rejection, it is appear that the manipulation does not increase over time which probably mean that trader is not see the chart well enough to see if the Lower High Trendline is still relevant for a breakout or not. I would say maybe not.
In last 3 month, they do break 4 times and trader does not expect this move which is a fakeout. Participants thought it seller cannot sustain a new key level anymore, a new uptrend. which never comes. This make the trader frustrated and tend to avoid the next breakout. If I make a measurement on how overextend the price are from the breakout point and trendline rejection, it is appear that the manipulation does not increase over time which probably mean that trader is not see the chart well enough to see if the Lower High Trendline is still relevant for a breakout or not. I would say maybe not.
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