Double Bottom Pattern in Gold
Gold has formed a double bottom reversal pattern on the daily chart. Price has risen from the lows of $1,676 and is nearing the neckline at $1,755. A breakout with good volume above this level would be conidered bullish from a technical perspective.
Gold prices were lifted this week by a weaker US dollar and lower US Treasury yields. When the dollar falls, it makes gold cheaper for buyers in other currencies. Lower interest rates from US Treasuries make non-yielding assets like gold more appealing.
However, risk appetite remains intact, which could keep a lid on gold prices. Strong economic data has lifted the Dow and S&P 500 to record closes this week, dampening demand for safe-haven assets such as gold.
Gold prices were lifted this week by a weaker US dollar and lower US Treasury yields. When the dollar falls, it makes gold cheaper for buyers in other currencies. Lower interest rates from US Treasuries make non-yielding assets like gold more appealing.
However, risk appetite remains intact, which could keep a lid on gold prices. Strong economic data has lifted the Dow and S&P 500 to record closes this week, dampening demand for safe-haven assets such as gold.
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