The double top chart pattern discussed yesterday on the H4 and H1 timeframe worked out nicely as Gold broke below 1970 to trade down, pausing at the 1945 price level.
Although the price retraced slightly higher, Gold is likely to continue trading within the wide range of 1936 and 2000 (1970 the mid way mark), with the key resistance level proving very hard to break beyond.
Only a significant move on the DXY could see Gold develop a stronger directional bias, with a move to the upside the more likely scenario.
In the short term, look for the price to retest the 2000 key resistance level.
Although the price retraced slightly higher, Gold is likely to continue trading within the wide range of 1936 and 2000 (1970 the mid way mark), with the key resistance level proving very hard to break beyond.
Only a significant move on the DXY could see Gold develop a stronger directional bias, with a move to the upside the more likely scenario.
In the short term, look for the price to retest the 2000 key resistance level.
