Is gold ready to shoot up?
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Gold (XAU/USD) may have formed a double bottom: the price rebounded right from $1680 for two times and then made a big leap up on the daily timeframe: yesterday’s candlestick closed above the 50-day MA at $1752.
Let’s have a closer look at the short-term uptrend. There’s still space until the resistance line is hit. The price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
Trade idea for XAU/USD
BUY 1771; TP 1780; SL 1765