Possible Double Bottom Being Formed...

Whats up Traders! Gold has been moving as expected, hence the shift of momentum overnight. (Refer to Related Ideas) Gold has rejected the breakout of an ascending channel at $1891.25. After rejection price pulled back above a key 4HR zone, which started the formation of the last leg for the Double Bottom. Currently i'm awaiting a solid closure of that 4HR Zone, in order to solidify the upcoming move to $1914. Price point $1914 is the neckline of the Double Bottom Pattern, it's also the imitation level of the Psych level nearby.($1915) If bias plays out as indicated, i'm expecting a push towards the 100% Fibonacci.($1931)
Again not unlikely because of the upcoming US Election... A pullback & close under $1891 would invalidate this analysis, so continue to be cautious of upcoming price movements.

Thanks for Reading!

Support My Analysis with a Like & Comment