Gold looks weak and set for a major move lower

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold on the Daily timeframe looks weak and coming off a major double top could mean bears are set to give it a hammering. Price is starting to hold a key lower high and drag in more sellers for the squeeze lower to break the hearts of the Gold Bugs. There is still a lot to play out and the pattern could easily fail but Gold has not been an inflation hedge (at all time high inflation levels), it has not been a safe haven or ran up with commodity prices. It has simply been a 'currency' and moved with the USD. If the USD can take a hit, then Gold may see a rally but for now, the USD is heading higher or at least not coming down until inflation is under control which is a long way off yet.

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