Or will we see a breach of the $1,300 handle?
Last Friday, gold spiked higher above $1,300 and looked set to break the double-top formation so far formed this year. But towards the end of the trading day we saw a reversal after US president Trump fired his chief strategist, Steve Bannon.
And as risk sentiment in the market improved this week, gold has retreated off the highs it posted on Monday.
Geopolitical tensions between US and North Korea is slowly fading into the background and as the market slowly shifts its focus back to the Fed and balance sheet reduction/rate hikes, that may put a dent in gold moving forward and the triple top formation that we see right now could prove to be a good validation of that.
