Gold prices fell in the intraday levels, breaching the important support of 1,249.07, which represents the support of a negative technical pattern that formed previously in the short term, the Double Top pattern as shown in the attached chart, with the metal embarking on a descending correctional wave, searching for a bottom to bounce it higher again and keep up the main upward medium-term trend.

Therefore we expect more losses to come for the precious metal, as long as the resistance of 1,249.07 holds on, targeting the support of 1,241.56 as a price target for exiting that forming technical pattern.

Trend Bearish