- Gold looks to have formed a double bottom bullish continuation patter
- This pattern has formed at a previous resistance level that may have now turned support after being broken through
- The neckline of this pattern is indicated on the chart and is formed by a descending trend line connecting the two most recent highs of the pattern
TWO SCENARIOS:
1. Price breaks up, and breaks the descending neckline of the pattern thus validating it and opening the doors to further bullish moves up
2. Price breaks down, and breaks the double bottom support level, thus invalidating the pattern and opening the doors for a deeper correction to lower levels
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This pattern has formed at a previous resistance level that may have now turned support after being broken through
- The neckline of this pattern is indicated on the chart and is formed by a descending trend line connecting the two most recent highs of the pattern
TWO SCENARIOS:
1. Price breaks up, and breaks the descending neckline of the pattern thus validating it and opening the doors to further bullish moves up
2. Price breaks down, and breaks the double bottom support level, thus invalidating the pattern and opening the doors for a deeper correction to lower levels
THIS IS NOT TRADE ADVICE NOR A TRADE CALL