Gold could be on the way for a retest
Gold was at its highest in Aug 2020 and started a downward channel.
Gold did two retests at $1960 and failed. Price fell up to $1676 until it finds a strong support level.
For the first time in 7 months, Gold shows us a double bottom pattern in the daily chart. The price did not close below the bullish support line coming from 2019-2020.
If bullish support holds up again Gold could go up to $1825.
Gold would not be generally bullish until it breaks both resistance levels at horizontal $1776 and channel down $1825.
In short term, Gold would be bullish within the channel.
This is just an idea, not a financial advice. Do your own research.
Gold did two retests at $1960 and failed. Price fell up to $1676 until it finds a strong support level.
For the first time in 7 months, Gold shows us a double bottom pattern in the daily chart. The price did not close below the bullish support line coming from 2019-2020.
If bullish support holds up again Gold could go up to $1825.
Gold would not be generally bullish until it breaks both resistance levels at horizontal $1776 and channel down $1825.
In short term, Gold would be bullish within the channel.
This is just an idea, not a financial advice. Do your own research.
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