XAU/USD 4H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A reversal pattern formed by gold means that recent weakness is likely to come to an end soon. XAU/USD has been stagnating since the beginning of this month when the bullion touched the 1,047 mark. Now it is testing the 200-period moving average at 1,074.09. In case the upward consolidation takes place in, then we are going to switch our attention to the monthly pivot point and the pattern's upper edge at 1,087/89. At the same time, weekly technical indicators assume the yellow metal will be unable to overcome the mentioned resistance and will be forced to reverse the gains. In addition, gold is slightly overbought in the SWFX market, as 55% of all trades are bullish.
© Dukascopy Bank SA
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