Bearish Trend Reversal on Gold (XAU) After Double Top

A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. It is confirmed once the asset's price falls below a support level equal to the low between the two prior highs.

After Gold has been bullish for the whole week, we can finally see a trend reversal here after the price hit a resistance from 14th of April. At the same time, the world seems to be a bit more calm and the first countries are already loosening up their lockdown procedures.

This could be a moment where the need to put peoples assets in the safe haven of gold declines and where gold will slowly fall again.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!