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.
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Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this broker. Before deciding to trade foreign exchange you should consider whether you understand how CFDs work, your investment objectives, your level of experience and readiness of taking risk. The possibility exists that you could sustain a loss of some or of all of your initial investments and therefore you should not risk more than you are prepared to lose. Please seek independent financial advice if necessary.
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