GOLD EXPECTING DOWN SIDE CORRECTION-DOUBLE TOP FORMED IN GOLD CHART(1889.70 &1873.70)

the chart below shows an Adam & Eve double top. The first top is sharp and spiky, and the second is more rounded, depicting a labored attempt to reach the previous highs.

A neckline is drawn across the July price low, showing the support level that needs to be penetrated in order for the formation to "execute" (trigger expectations of lower prices). If it does execute, the minimum downside target would be about 1520 -1550. This target is estimated by measuring the distance between the first top and the neckline, and then projecting the same distance from below the neckline. It is interesting to note that the less accelerated rising trend line drawn across the January and July lows is rising at a rate that could provide support around 1550 if the correction proceeds. A steep rising trend line has been penetrated, increasing our expectation of further decline.