A double top on GOLD❓

Gold quotations have been moving in an upward trend for quite some time. However, last week the price failed to break through the resistance zone at the level of $2789, which after resulted in a pullback today. If the downward movement continues then the previously broken support zone at the $2720 level should be considered as key support. Only a pullback below this zone could open the way to larger declines, in which case special attention should be paid to the ema-100 average which is marked in green on the chart below.

GOLD interval D1. Source: xStation 5

As for the lower time frame - H1, on the other hand, we see a continuation of the upward trend. As long as the largest correction pattern is not broken out, according to the Overbalance methodology, there is no reason to worry about a change in the trend. Thus, the key short-term support is the zone at the level of $2741. It is also worth noting the ema-100 average, which is currently being tested and should also be considered as support.

GOLD interval H1. Source: xStation 5

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Technical analysis

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A double top on GOLD❓

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