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Gold – Breaks Double Bottom Lows
After forming a double bottom on the daily chart, price fell through the floor at $1662 shedding almost $20 on the day or 1.2%. Price did however run into some buying pressure as some investors still want to be long. You can see this as the previous two bear candles had strong rejections to the downside with some solid price overlap. The last bar formed a very tiny inside bar, telling us the market is really undecided about what to do after such strong selling.
If the daily lows of $1635 get breached, then we are expecting a move to $1629 in a jiffy where we think is one of the last bastions for …... Keep reading