Gold – double top on hourly

FX:XAUUSD   Gold Spot / U.S. Dollar
  • Gold’s retreat from the high of $1375 despite bullish break from the falling channel amid overbought daily RSI indicates prices could have formed a double top formation and are heading towards $1335 levels (Friday’s low and neckline support).
  • On the higher side, only a day end closing above $1380 (38.2% of 2011 high – 2015 low) would suggest continuation of the rising trend from Dec lows and could yield rise to $1400-1430 levels.
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