Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Spot Gold: Possible Double Bottom Formation

Published 12/24/2013, 02:18 AM
Updated 07/09/2023, 06:31 AM

Spot Gold Weekly Chart
Gold: We could be witnessing the formation of a double bottom and the end of the correction in Gold. It is worth trying longs for the medium term as stop loss can be tight below 1175 providing an ultra low risk opportunity. A resumption of the bull trend would offer large profit potential. Yesterday we reached 1206 but above here today look for 1211/12 and perhaps as far as 1215/16 for short term profit taking on longs. This should hold a move higher but above here use 1226/27 as a short term selling opportunity with stops above 1231.

Immediate support is 1200/99 then 1192/91. Below here a retest of 1185/80 is a buying opportunity. Only a break and close below 1175/74 is a negative sell signal & targets 1165 then 1158/57.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.