Gold – double top breakout on hourly chart

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
52 0 1
Hourly chart

Formationdouble top , head and shoulder on daily chart

Resistance - $1249.10, $1263, $1271

Support - $ $1235, $1227.12, $1217

  • Double bottom breakout on the hourly chart has opened doors for a drift lower to $1240-1238 levels and adds increases the likelihood of the metal completing head and shoulder formation.
  • The head and shoulder neckline is seen around $1217 levels.
  • Drop in oil             and resulting risk aversion and rise in demand for the safe haven treasuries (which offer positive yield) could weigh over metal.
  • On the higher side, previous day’s high of $1258.05 could be challenged once again if prices rise back above double top neckline of $1249.10
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