WadeYendall

XAUUSD Double bottom off the 382

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
I had a few requests for a Gold chart so here it is. Gold has been slowly grinding lower since the highs above 2000 last August. Its been a painful time for PM holders as price manipulation and BTC has stolen some of it luster. Seasonally Gold does well in the summer months and it seems gold is catching a bid here off the longer term 382 Fib. It has confirmed a double bottom on the daily time frame. I would be looking for a slight pull back into the 1750 area with hopes of a push back up to the lower time frame 382 and trendline resistance in then 1820 area.. If price were to consolidate there and break higher Gold may gain some momentum and get back to 1920. If we get any kind of enthusiasm in precious metals again I would look to the junior minors to gain some leverage on the move. Many are very cheap right now.

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