Gold Bulls are Rallying as the Price Hit the Double Bottom

Gold is in downtrend but we can see that the double bottom formation has formed and we could see a move to the upside.

[fx-forecasts-cta instrument=gold broker=etoro link=https://ad.doubleclick.net/ddm/clk/483365997;289793667;u disclaimer=75%_of_retail_CFD_investors_lose_money]

1676 is the historical buying zone. If you scroll the Daily chart back in history, you will see that the same accumulation happened before in April 2020 so we could see a move up. However I dont expect the move to be that strong as in 2020. What I see is a move towards 1738-46 where we could see short trades. So, watch for a move up then rejection in the POC zone towards the double bottom.

[fx-image src=/2021/04/word-image-5.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/04/word-image-5.png originalWidth=2500 ratio=2.16]

For a look at all of todays economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

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