Gold Double Top

Gold is trading relatively unchanged since yesterday's session. The Advance Retail Sales announced today were able to create some minor volatility and managed to push prices to a high of $1,290 thus making a double top.

The precious metal reacted to this level and instantly drew back to levels below $1,290. Gold is now trading at $1,281 and as it looks its ready to go down. First support is seen at $1,275.

On the other hand, first resistance is seen at 1,292 and major resistance is $1,305.

Chart: XAU/USD H4