Gold: Will it end up forming a double top on daily chart
Gold's daily chart shows the shiny metal is inching closer to recent highs. Friday's candle represents indecision in the market. A close under Friday's low would open the doors for a completion of a double top pattern with the neckline support at $1,658 per ounce (April 21 low). Acceptance under that level would confirm a bearish double top breakdown and could yield a deeper pullback.
As of now, however, prospects of a the yellow metal printing a double top breakout quite low. The global economy is headed for debt deflation collapse, which typically brings with it waves of corporate or government defaults. In such situations, investors typically buy gold.
As of now, however, prospects of a the yellow metal printing a double top breakout quite low. The global economy is headed for debt deflation collapse, which typically brings with it waves of corporate or government defaults. In such situations, investors typically buy gold.
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