Chart Pattern- Double top
Major resistance- $1430-35
Gold continues to trade lower for the second consecutive day and declined more than $15 for the day. The intraday trend is weak as long as resistance $1513 holds.
The yellow metal hits a low of $1493 for the day and shown a minor jump. Any break below $1493 confirms minor weakness and a dip till $1484/$1470/$1460. Any major weakness only below $1440.
The near term intraday resistance is around $1513 and any violation above targets $1520/$1530. Major bullish continuation only above $1535.
It is good to sell on rallies around $1503-05 with SL around $1515 for the TP of $1470/$1460.
