Gold sector ETFs witnessed losses of nearly 3 percent in the September 7 precious metals pullback, ETF Trends reports. Technical analysts had previously speculated that gold may form a “double top”.

The IShares Gold Trust declined 3.2 percent on the day as gold futures traded below $1,820 an ounce. The fund, currently trading close to its 20-day simple moving average, may reach its breakout level of $15.25 on short-term weakness in the market.

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