Gold hints at a forming negative pattern. - Technical Analysis. - 12-01-2016
Gold prices gave up ground in the intraday levels trading, after the resistance of 1,108.00 held on for the second time, with the charts hinting at the forming of a negative technical pattern that is opposed to the main upward trend in the short term, which is the Double Top pattern, which in turn pushed the precious metal downward; reaching the support of that currently-forming negative pattern at 1,092.00.
Therefore we expect gold prices to depreciate in the coming trading, especially if they broke through the support of 1,092.41, confirming thereafter that forming technical pattern, and targeting directly afterwards the support of 1,076.40 as a price target for the Double Top pattern.