Gold forming a potential double bottom
Gold has been trading in a lower top lower bottom formation since the last few months, however currently it has bounced from $1,680 level twice, thus it could form a double bottom near $1,680. We are of the opinion that it could rebound sharply while it holds on to this support zone; further 20-day SMA has flattened indicating that the downtrend to have ceased. It would be prudent to say that Gold could advance towards $1,735 and $1,760 while it sustains above $1,675.
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Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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