XAU/USD 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal has been mostly following bullish trend after it dived below the psychologically important level of $1,200 per once. In early February, gold unexpectedly sped up the pace of appreciation and started to shape a double top pattern that peaked at 1,296.88, a three-month high.
At the moment, the bullion is sitting at its 50-hour SMA that is preventing a retreat towards the neck-line at 1,284.35. If gold plunges below the short-term SMA, it will face a support zone at 1,287.33/5.08 (four-hour S2, S3; daily S1) that is the last defence for a drop to the neckline, below which an accelerating decline is likely to be in place.
© Dukascopy Bank SA
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