FXDAH

XAUUSD daily double top

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
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9
Gold is volatile at the moment but has nonetheless formed a nice double top on the daily. The circled area shows what I'm anticipating here, a double top break of the neckline before a crash in gold over the space of a couple of weeks. I may be early here, heck, this may even go on and form a triple top but I think I am correct in my analysis that gold is going to crash and dispel its ostensible safe haven myth. I fear that once this neckline is broken cleanly then we could see gold drop like a lead balloon, but think the break of the 1680-1690 area will be tough and hardly smooth-sailing - let's hope we enjoy the ride. Gold always has a great risk reward which is why I like this trade.

Purely looking at price action and chart patterns here, no indicators as don't want to be put off what the market is telling me.