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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