Gold is in a Double Top Attempt Ahead of FOMC Risk

Gold is in a Double Top Attempt Ahead of FOMC Risk

Gold has been bullish in 2015 rallying from a low of 1168 to 1307. It has been consolidating for several sessions now in what could be a double top.

Gold looks like it has completed a double top, but there is still support at 1272. The rising trendline in the 4H chart is still in play and the 4H RSI is still holding above 40, which reflects maintenance of the bullish momentum.

A break below 1270 could open up a bearish correction against the 2015 uptrend. In the daily chart we can see a couple of key levels to monitor at 1255 (a previous resistance pivot), and 1235-1240 (a previous support/resistance area).

However, if price manages to climb back above 1290, the pressure should remain on 1307. Above that, there is a common resistance around 1320, which is reinforced by a falling speedline going back to 2013.
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at