Starting from mid-December 2016, gold moved in a classical zig-zag uptrend pattern all the way from $1120 up to $1295, with consecutively higher lows and higher highs. The key decision-taking levels along this way were $1120 (L), $1220 (H); $1180 (L), $1265 (H); $1195 (L), $1295 (H); and $1215 (L) and $1295 (H). During the recent swing the gold price failed to make a new high, forming a double top around the level of $1295, and at the same time broke a low of the previous swing at $1215, trading now around $1210. Technically, this means an end of the uptrend, which lasted for six months. The most probable behavior of the gold price in the near future is a downward zig-zag pattern with consecutively lower highs and lower lows.