Gold’s Safe Haven Fades – Double Bottom Pattern Plays!

Gold's immediate support prevails at $1,182 along with a resistance near $1,195. The market can give us an opportunity to sell below $1,195.


A day before, the yellow metal GOLD fell sharply by more than 1% alongside sliding equities as investors sought shelter in the dollar. Better than expected economic events, especially the unemployment rate has fueled the FED’s rate hike sentiment. Investors seemed unsure about buying gold as it wasn’t able to break above $1,210, a strong resistance.

  • The technical side of the market remains strongly bearish as the precious metal broke below the double bottom support level of $1,195.
  • The moving averages are suggesting a bearish trend in gold, despite the oversold RSI.

For now, the immediate support prevails at $1,182 along with a resistance near $1,195. The market can give us an opportunity to sell below $1,195 and buy above $1,182. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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