Gold: Double top and Bearish Divergence

FX:XAUUSD   Gold Spot / U.S. Dollar
623 0 13
Major resistance- $1358 (Jun 24th high)

Major support - $1318 (3 WMA )

Pattern Formed- Bearish Divergence ( CCI (50) and RSI (14) in weekly chart)

The yellow metal has formed a double top around $1358 and started to decline from that level. It is currently trading at $1342.

Gold             is facing strong resistance around $1358 and any break above $1358 will take the yellow metal to next level $1372/$1392 (161.8% retracement of $1358 and $1304) level in the short term.

On the lower side, any break below $1318 will drag the commodity down till $1305 (daily Tenkan-Sen)/$1290.

In weekly chart gold             has formed bearish divergence .So dip till $1318/$1305 is possible

Short term bullish invalidation only below $1290.

It is good to sell on rallies around $1345-48 with SL around $1358 for the TP of $1320/$1306

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