Gold, Pullback to 2020 by double bottom pattern?
Updated
Gold found support in 1995 and formed a double bottom. There is a chance that the price could rise to 2020 today, which is the key level considering a bigger pullback towards 2050 or more direct movement to lower prices in the 19xx region (explained in my last analysis).
The break of the asia session high will confirm the double bottom pattern, but because of the good risk to reward ratio I prefer to buy at the spot price.
Trade idea
BUY @1998
SL 1995
TP 2020
CRV 6
The break of the asia session high will confirm the double bottom pattern, but because of the good risk to reward ratio I prefer to buy at the spot price.
Trade idea
BUY @1998
SL 1995
TP 2020
CRV 6
Trade closed: stop reached
Double bottom didn't hold. Next levels are 1993 and 1980 area for support.Note
Looking like the yellow support area is holding so far. Let's see.
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