Gold forming a potential double bottom
01 April 2021
Gold has been trading in a lower top lower bottom formation since the last few months, however currently it has bounced from $1,680 level twice, thus it could form a double bottom near $1,680. We are of the opinion that it could rebound sharply while it holds on to this support zone; further 20-day SMA has flattened indicating that the downtrend to have ceased. It would be prudent to say that Gold could advance towards $1,735 and $1,760 while it sustains above $1,675.
Prepared by
Technical Analysis Team
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