Gold Pulls Back After Failing To Push Higher

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The precious metal is looking a tad weaker following the price action from Wednesday.

An intraday high near 1980.71 saw prices retreating. This has also formed a double top pattern near the top end of the rally.

But the lower support is at the 1906 level. If this level breaks, then gold prices might be looking for a deeper correction.

The double top pattern gives a minimum downside toward the 1850 level, where we are expecting price to establish support.

However, given the current bullish momentum, gold prices could resume the rally once again if we see a strong rebound off the current levels.

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