Gold made a double top as shown in the weekly chart followed by breakdown and retest of the support level. It is now trading below the support line which makes it look like a genuine double top so far.
For the uninitiated, double tops are bearish reversal patterns and confirmed breakdown from such patterns can lead to significant downsides. As per classic TA approach, the minimum we can expect from confirmed double top is the height measured from support line to the double tops.
In this case, height is nearly 18.5%. On log scale, it gives a target of around $1370 USD. Keep an eye on the previous swing high at 1729.5. A close above it would possibly mean that this is a false breakdown.
