Gold rejects the top of the range in an ugly turn

Technical Analysis

Author: Adam Button | gold

Effort to confirm a double top fails

Effort to confirm a double top fails
I wrote about gold yesterday, highlighting the potential for a break above $1755 and confirmation of a double bottom but also the risk that it could fail.

The technical trade is the right one. It's on the edge right now and I'd go with the next move to either $1840 or back to $1676 (and below).
Given that it's down $22 to $1734 today, it's safe to say that gold failed. It's even slightly below yesterday's opening levels now.

This isn't a good look for gold.


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