Originally published by AxiTrader
Gold hasn't exactly lost its lustre here at $1332.
That's despite the surge back toward recent highs as US and global stock markets recover a huge portion of the fall we saw a couple of weeks back in what's now being called the "volocalypse"
But with a double top in place above $1,360 an ounce, after last night's reversal off $1340, and as momentum indicators wane there is a risk that gold heads back toward recent lows around $1,306.
But for that to happen the little trendline from the low would need to break first.
It currently sits at $1,325. Naturally, while this level holds gold is on a gradual uptrend.
Should $1,305/06 give way a run toward the 200-day moving average at $1,285 would come into the frame.
Here's the chart:
Have a great day's trading.