Juicy XAU/USD (Gold) Stops Waiting to be Cleared

### XAU/USD Key Points

• XAU/USD (gold), ripping faces off on the daily.
• Definitely stops above the double top.
• Potential to target them if price finds intraday support here.

XAU/USD Technical Analysis

Morning team,

I’m away from my desk today, so just a quick note.

XAU/USD (gold), caught my eye last night and I tweeted the following two charts:

First up, the gold daily chart shows that price has been ripping some serious faces off lately, rallying like a boss. Interestingly, price has found resistance and formed a little double top type pattern.

Now, while this often signals a reversal, we also know that there are now a TON of stops placed just above that level.

The second chart, the gold hourly, shows price forming a bit of an intraday range near resistance. The fact that price hasn’t rejected hard is concerning to the bears and I can definitely see price ripping through that clean double top which quite frankly, is probably too good to be true.

If price does in fact pause, it’s the grey box I’ve marked on the intraday chart, where I’ll be looking for longs.

Best of probabilities to you.

Dane.

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