XAU/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A recent climb to a one-month high enfeebled the bullion that commenced a double bottom pattern when this peak was attained. Since that, XAU/USD dropped to a two-week low that became an apex of the pattern touched by the instrument for two times already. After the second stab to this low, the pair did not surprise anyone by starting to climb; however, a sharp advance that is usually observable when the pair bounces off double bottom pattern's low was postponed as it took some time for XAU/USD to breach its 50-hour SMA. Now the pair is trading above this level and is likely to target the pattern's resistance before long.
© Dukascopy Bank SA
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