Gold comes back to its 200 week EMA

Gold has formed what it appears to be a double top pattern on the 1295 zone from where it has bounced to the downside. The precious metal did not have enough strength to reach the 1300 level and to break it to the upside. Lately, gold has been very volatile while the Dollar tries to regain some of its lost ground, but once it got to the 200 week exponential moving average which coincides with the 55 day exponential moving average (purple line) at the 1256 level, it stalls its bearish pullback there. From this point on, gold may try to bounce to the upside, but if it breaks that zone to the downside, then its next support could be the 200 day exponential moving average at the 1243 level. Below the 200 day EMA, the next support is at the low of the 1214 level, followed by the low at the 1200.00 round number level. A breakdown of the low at the 1214 level would be confirming the double top formation, since that zone is the neckline or confirmation line of the pattern. To the upside, the highs at the 1295 level continue being its most relevant resistance.