Gold Price Forecast: Will a Double Bottom Pattern Spark Price Gains? 2021-04-08 20:30:00 Peter Hanks, Strategist
Gold Price Forecast:
A double bottom trading pattern, typically viewed as bullish, has formed and could spark gains
Gold Price Forecast: Will a Double Bottom Pattern Spark Price Gains?
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.