After a huge volume of sell orders for gold yesterday, the short-term technical scenario has changed again. The spot price was unable to challenge the resistance level of $1,730-$1,735 and after two failed attempts in April to break above $1,730, this has now formed a double top, opening space for a temporary correction, particularly after gold lost more than $40 Dollars in just 24 hours. The spot price is now trading near the key support level of $1,675 and a clear breakdown of this threshold would be a clear negative signal, with potential space for further falls to $1,630.
