Gold: Double Bottom Breakout
Many
traders and analysts are not clear for the trend in Gold, but looking at the
current chart of Gold prices will now move in a positive direction over short
term.
We
have been continuously watching this precious metal and came to the conclusion
that prices will start its up move. This was only possible with the combination
of simple technical analysis and advance analysis.
The
following excerpt is been picked from our daily publication “Commodity
Gannalyst” where we had mentioned its crucial support and resistance levels.
Gold
1st Month Contract
Analysis
From
the above chart we can observe that after a sharp fall from 32500 prices came
down steeply and found support near 25000. Prices managed to protect its low of
25000 and bounced thus giving and double bottom break out. After the break out
prices managed to stay above it which opens positive possibilities and started
consolidating by moving sideways.
Now
it is imperative for prices to break this level which will further add momentum
in this commodity which will drive prices higher. A move above ….. will infuse
buying pressure which will take prices higher till ….. over short term.
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