XAUUSD - GOLD hit 1817.50 today, testing the Support of February 17th. As long as it holds, it is a Double Bottom pattern that aims that the 4hour MA50 (1835).
Over 1848.50 well target 1870 under Fibonacci 0.786. This scenario of a bullish breakout isn't unrealistic at all as while Gold has been on a Falling Support, the 4hour RSI still is on a Rising Support (Bullish Divergence).
Under the Double Bottom we target 1817.50 and then on the next rebound the target's 1790.
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Over 1848.50 well target 1870 under Fibonacci 0.786. This scenario of a bullish breakout isn't unrealistic at all as while Gold has been on a Falling Support, the 4hour RSI still is on a Rising Support (Bullish Divergence).
Under the Double Bottom we target 1817.50 and then on the next rebound the target's 1790.
Follow us, like the idea and leave a comment below!!
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TheCryptagon offers news & insights on global markets (crypto, forex, stocks, commodities). Follow so you don't miss anything!
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TELEGRAM: t.me/thecryptagon
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.