Gold Price Forecast: Will a Double Bottom Pattern Spark Price Gains?

Gold Price Forecast: Will a Double Bottom Pattern Spark Price Gains?

From dailyfx.com

Gold suffered significant declines in late February and early March as US Treasury yields grinded higher. Losses saw XAU/USD blow through various levels of technical support until the lower bound of the metal’s descending channel helped to arrest declines around the $1,675 mark. A picture-perfect bounce off the trendline and subsequent bounce off a nearby Fibonacci level has seen gold recover somewhat and recent price action has formed a double bottom technical pattern as a result. chart Generally viewed as a formation that precedes bullish price action, the recent double bottom pattern could hint gold may look ... (full story)

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