GOLD – On the Daily chart, we can observe the Double Top formation – The first top was created 25.01 and the second on 11.04 – both are in the supply zone at the level of 1365-1366. On Monday, the price broke the upward trend line (pink), which is tested today from below. There is a high probability that the price will turn back and will continue to decline towards a strong support level of 1306.50.

GOLD Daily – Double Top Formation

It is worth to observe the price behaviour at the currently tested trend line and after occurring on the H4 or H1 chart a bearish candle, enter the market with a short position. Perhaps such a signal will occur, according to the EMA144 strategy, when the price reaches the average, which acts as a dynamic resistance, and here the price may return to declines.

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