Gold Technical Analysis: Intraday uptick fails ahead of 200-hour SMA, forming a bearish double-top on 1-hourly chart

   •  The precious metal struggled to build on the intraday uptick and failed ahead of 200-hour SMA, forming a bearish double-top pattern on the 1-hourly chart.

   •  Meanwhile, technical indicators on the mentioned chart have started losing positive momentum, albeit have still managed to hold in bullish territory. 

   •  Hence, it would be prudent to wait for a follow-through weakness below 100-hour SMA before traders start positioning for any further intraday depreciating move.

   •  However, a convincing breakthrough the $1216-17 supply zone (200-hour SMA) might negate the bearish outlook and prompt some near-term short-covering move.
 

Gold 1-hourly chart