Gold exchange traded funds saw losses of about 3% in Wednesday’s precious metals pullback amid speculation among technical analysts that gold may be forming a “double top.”

When we last analyzed iShares Gold Trust (NYSEArca: IAU) in mid-July, short term indicators were pointing to the possible breakout of gold from a recent trading range. In the subsequent breakout to the upside,  IAU traded as high as $18.50 a share, returning  a 21% gain from the breakout level.

The ETF lost 3.2% on Wednesday as gold futures traded below $1,820 an ounce.

Now, as we look at the chart of IAU nearly eight weeks later, we see technical indicators warning of a possible short term pullback. Several indicators are pointing to some short term weakness.

First, we see IAU making a double top within the last month. The ETF also recently had its MACD (Moving Average Convergence/Divergence) cross below signal, tried to cross back above, but failed.

IAU is currently trading right near its 20-day simple moving average and is in danger of moving below.