A test for gold is looming - the $1240 level.
If it gets near this level only to be driven lower on close we may see the formation of a double top and a retreat to lower corrective levels .... how much lower is a matter for some contention.
However a push through $1240 with close on volume of $1245 or better could signify that the prospect of a double top as passed - this would place the all time high and beyond in the crosshairs.
So, we could be fast approaching a significant short term technical junction.
Of course, for long term holders this is just "noise" - a blip on the chart in gold's march to higher levels.
Still .... it makes for an interesting diversion along the way.
What are the odds of a double top as we approach $1240?
My money is on a push right through this level (maybe wishful thinking) BUT ....
If the double top becomes a reality .... no worry ... just hang tough and things will be back on track soon enough.
Just my 2c worth.
G/L
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short term day of reckoning approaching?
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