The XAU/USD (Gold) market, currently at 2656, is forming a strong double top pattern with a bearish sentiment targeting 2620. Here's a detailed analysis:
Technical Analysis:
1. Double Top Confirmation:
The double top indicates a reversal of the prior uptrend.
A neckline break below 2640 confirms the bearish breakout.
2. Bearish Target Calculation:
The target for the double top pattern is typically calculated as the height of the pattern from the neckline projected downward.
Immediate target: 2620, which acts as a key support zone.
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