On charts, gold should find support at $US1,702, a recent low reached in late August, representing the “neckline” of a bearish double-top pattern after bullion failed to extend gains above $US1,900 an ounce twice in the past four weeks, said Adam Sarhan, CEO of New York-based Sarhan Capital.
“If we are not able to get above the all-time high, by definition the double top remains in place. In the short term, it’s definitely going to be technical pressure,” Sarhan said.