2024-09-26 14:00:00

Gold Price Forecast: Gold Breaks Double Top Can XAU Bears Run?

DailyFX
By James Stanley

Gold Talking Points:

  • Gold prices set a fresh two-year-low last week, breaking below double top support.
  • The double top formation set over the past two years and is a formation often approached with the aim of bearish breakouts, which started with last weeks break of the formations neckline.
  • Gold has been especially tricky after breaking to fresh lows so breakout strategies could remain a challenge. However, theres a plethora of possible resistance points sitting overhead that could be of interest for trend strategies.
  • The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
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Global markets have had glimpses of being unmoored ever since the FOMC rate decision last Wednesday. The collapse in the British Pound is probably the most notable event so far, but the movement thats shown in US rates is difficult to ignore and at this point it seems that theres disconnect between stocks and bonds (and FX). And thats saying a lot considering that stocks are grasping at key support levels. But, the moves in FX have been extreme and we havent quite seen that yet in US equities. Nor have we really even seen that yet in gold, at least not in my opinion.

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