Gold Formed a Double Top

Despite all indications that Gold is very bullish and that it would continue moving to the upside towards target $1,392, which is the previous high formed back in March 2014, Gold has formed a very obvious double top at $1,374 visible on the four-hour time frame. What is more, there is also a hanging man candlestick formed on the daily time-frame, also below the resistance at $1,374. Gold has already started moving to the downside and its next target is likely $1,350. A breakout below that level could lead to a further drop towards the next major support level at $1,330, which coincides with (MA)89 on the four-hour time-frame.