Prices are now in a three-week-old downtrend on the daily bar chart and the specter of a bearish double-top reversal pattern on the daily chart has resurfaced.
Some fresh near-term technical damage was inflicted Thursday to raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.
But the bulls do not want to see follow-through selling pressure on Friday to produce a bearish weekly low close and raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.
No chart damage has occurred recently, but the bulls are still a bit worried about the specter of a bearish double-top reversal pattern forming on the daily bar chart, if gold prices show more losses this week.
No chart damage occurred Monday, but the bulls do not want to see good follow-through selling pressure on Tuesday that would likely produce some near-term technical damage and raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.