Gold Spot / U.S. DollarUpdated Potential Double bottom, Gold back to 1940?
Dear traders, in my previous idea I recommended about
selling Gold at the 1955 level. As you have already seen, price dropped
to 1910, a gain of more than 450 pips.
Currently, there is the possibility of a potential double bottom
formation in Gold if the minor support level at 1910 holds. Gold could
rebound to 1940 level.
So, if Gold doesn't fall below the support level I have marked in my chart,
traders can consider buy entries in Gold@1908-1910 with SL below the support
and TP at 1940
selling Gold at the 1955 level. As you have already seen, price dropped
to 1910, a gain of more than 450 pips.
Currently, there is the possibility of a potential double bottom
formation in Gold if the minor support level at 1910 holds. Gold could
rebound to 1940 level.
So, if Gold doesn't fall below the support level I have marked in my chart,
traders can consider buy entries in Gold@1908-1910 with SL below the support
and TP at 1940
Note
Price has dropped slightly below the support so not buying at the moment
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.