Gold currently tend to move in consolidation phase, note level of resistance at 1238.50. If that level could not be broken, then it will form a double top pattern and likely will push gold lower. The case is also supported by the stochastic oscillator that is pointing downwards.

Gold currently tend to move in consolidation phase, note level of resistance at 1238.50. If that level could not be broken, then it will form a double top pattern and likely will push gold lower. The case is also supported by the stochastic oscillator that is pointing downwards.

There is opportunity to open sell position if gold broke level of support at 1232.00 with target retesting previous low at 1225.58 level. As an alternative, note if resistance at 1238.50 is successfully penetrated, because the double top pattern failed to be formed and potentially will lift gold with target in the range of 1241.55 - 1243.40

Gold