Gold’s daily chart is reporting a double top breakdown. The bearish pattern has created room for a drop to $1,480. Gold is looking south with the daily chart reporting a bearish reversal pattern. On Friday, the yellow metal closed below the Aug. 30 low of $1,517, confirming a double top bearish reversal pattern. The 5- and 10-day moving averages (MAs) have also produced a bearish crossover. Further, the US 10-year treasury yield seems to have bottomed out with a bullish engulfing candle on the weekly chart. The zero-yielding metal usually reacts negatively to the rise in bond yields. All-in-all, Gold could drop $1,480 in the short-term, as suggested by the double top breakdown. On the way lower, the metal may find support at $1,492 (Aug. 22 low). As of writing, the yellow metal is trading at $1,510 per Oz, representing 0.20% gains on the day. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum marker update: ETH/USD breaking down below $180; 1.5% loss and counting FX Street 4 years Gold's daily chart is reporting a double top breakdown. The bearish pattern has created room for a drop to $1,480. Gold is looking south with the daily chart reporting a bearish reversal pattern. On Friday, the yellow metal closed below the Aug. 30 low of $1,517, confirming a double top bearish reversal pattern. The 5- and 10-day moving averages (MAs) have also produced a bearish crossover. Further, the US 10-year treasury yield seems to have bottomed out with a bullish engulfing candle on the weekly chart. The zero-yielding metal usually reacts negatively to the rise in bond yields. All-in-all,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
