Gold Double Top

Gold has been having a good start of 2017 with price up $70 from $1,149 to $1,219. The latest high came last week when Trump was officially inaugurated as the 45th President of the USA. Since then, Gold has had some troubles pushing higher and made a low at.$1,210. Price is now $1,211 and it would take a fresh touch backed by fundamentals in order for the pair to  continue North.

What's somehow worrisome for the Gold bulls is that Gold has reached the prior high level at $1,220 and retraced back below it thus forming a short-term double top. As of now, the double top is confirmed and market can try to go below the support level at $1,195.

If the precious metal reaches $1,200 bulls may consider this a buying opportunity and support the price. On the other hand, a breach below that level could indicate that bears are taking control over the market.

Chart: XAU/USD H4