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Gold near intraday double-top neckline
Gold has been trading largely sideways over the past 24 hours, following a rally into the crucial $1248 resistance level (March 2016 high). With that major level in mind, the $1277 level is going to be key this morning, as a break below this would create a bearish double-top formation.
However, with the market clearly within an uptrend, there is a good chance we could see a bounce from this area. As such, watch out for a closed hourly candle below $1277 for a signal that we could see further downside. Conversely, should it not break, we could see a bounce back towards $1284 resistance.