Pashabxl

XAUUSD:Towards a double bottom formation?

FX:XAUUSD   Gold Spot / 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.
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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Hi!! ...we have a similar view!
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SignalSwiss SignalSwiss
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Iskandarglenn SignalSwiss
Gartley?
Glenn
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Hi Pashabxl
many thanks,
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Yes, A nice, accurate, simple chart.
TY

Glenn
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