Potential double top in gold
Gold has been consolidating over the past 48 hours, with the price moving back in towards $1236 this morning. A break below that level would complete a short-term double top formation.
With that in mind, this chart needs to start moving higher from here, or else things could become more bearish over the short term. An hourly close below $1236 would point towards a possible move into the projected target of $1227.