Gold eyes $1311 - Reuters Technicals

Omkar Godbole FXStreet Contributor

Reuters technical report says gold is heading to $1311 courtesy of small double top pattern and drop below a key Fib level.

Key quotes

Gold has pierced twice below a support at $1,329, the 76.4 percent retracement. The next support could be at $1,311.

The double-top forming around $1,341 has been confirmed, as its neckline was broken. The pattern suggests a further drop.

Strategically, the target at $1,311 will be confirmed when the metal drops below $1,323.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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