"Gold Forms Bullish Double Bottom – Is $3700 Next?"

Sep 10

Gold (XAU/USD) Technical Analysis – 30-Minute Chart

The chart shows a clear Double Bottom chart pattern near the $3,618–$3,620 support zone, indicating potential bullish reversal. This is a classic bullish pattern, often signaling the end of a downtrend and beginning of an upward move.

▪️Neckline Breakout
The neckline of the double bottom has been successfully broken around the $3,638 level, confirming the pattern. Price has retested the neckline and is now attempting to move higher.

▪️Key Target Zones
1st Target Area: $3,648–$3,652
Price is approaching the first resistance zone, which may act as short-term resistance.
Final Target / Resistance Zone: $3,668–$3,675
A breakout above the first target may drive price toward the final resistance zone.

▪️Psychological Target Zone: $3,700
This remains a significant psychological level and long-term bullish target if momentum continues.

▪️Volume Analysis
Volume increased notably during the formation and breakout of the double bottom, adding strength to the bullish reversal signal.

▪️Outlook
As long as price holds above the neckline support (~$3,638), the bullish scenario remains valid with potential targets of $3,652 and $3,675. Failure to hold above the neckline may invalidate the pattern.

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Sep 10

Trade active

from 3640, after breakout & retest of double bottom .

Sep 10

Note

1st target achieved,

Sep 11

Note

Sep 12

Note

the one more layer was added from 3616, with sl 3610 & it's going 400 pips+ .

Sep 12

Trade closed: target reached