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Gold technical review 23

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Financial and commodity markets analytics

The gold price has finally stabilized today after suffering 3 days of heavy losses and we may be in the process of a double bottom formation. It seems as if the news out of Spain that Catalonia intends to press ahead with independence has been a major contributor to this factor

As we mentioned in the previous 2 articles we don’t expect gold to break upwards in the next few trading sessions and is expected to remain range bound between the top 2 lines as it did in August.

There could be a pull back to the lower trend line which is supporting the previous 2 bottoms and may present a good entry opportunity and the predicted bullish double bottom will still be intact.

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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