Gold Double Top Breakout – Is it a Good Time to Go Long?
Arslan Butt • 4 min read
Gold – XAU/USD – Daily Support and Resistance
Gold Technical Outlook
The precious metal, gold, is trading with a neutral bias at 1,801, violating the double top resistance level of 1,795. For now, this level is extending support to gold, and the odds of a continuation of the bullish trend remain high over the 1,795 level. As we can see on the 4-hour timeframe, the MACD has crossed over the 0 level, suggesting a strong bullish trend in GOLD. But at the same time, the RSI is in the selling zone. Moreover, gold is likely to close a tweezers top pattern on a daily timeframe. If this happens, the odds of a bearish correction could remain high. Today, let’s keep an eye on the 1,803 level, in order to capture a sell trade. We could see buying over the same level. Good luck!