Pashabxl

XAUUSD:Towards a double bottom formation?

FX:XAUUSD   Gold/U.S. Dollar
429 6 5
Since the Tension about Greece has raised again, Gold             gained some value and USD loosing ground against EUR gave an impectus to Gold             .
We have a classical school case on the double bottom. If the pattern is confirmed, the neck line is at 1212, which in a sense may push up XAUUSD             towards 1234 and even higher.
On a chartist approached and taking Ichimoku into account, there are some genuine sign of an upside, the crises in Greece have killed the previous pattern which was a rising wedge.
On a macro economic basis, there is a worry about Greece and USD is loosing ground again. Therefore, investor are hedging the situation with Gold             .
At the present moment, ECB's QE             has no effect on the market.. It is interesting to note this issue and to keep it in mind.
Ansari
2 years ago
Hi Pashabxl
many thanks,
snapshot
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Iskandarglenn Ansari
2 years ago
Yes, A nice, accurate, simple chart.
TY

Glenn
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Hi!! ...we have a similar view!
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SignalSwiss TOP SignalSwiss
2 years ago
GOLD: rebound and new low?
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Iskandarglenn SignalSwiss
2 years ago
Gartley?
Glenn
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Pashabxl PRO
2 years ago
So As one may see, we the double bottom pattern is being achieved. It was the correct pattern and this has given the path we were expecting
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