Home Daily Analysis Charts / Trade Ideas Gold’s Double Bottom Support, Is It Worth Going Long?

Gold’s Double Bottom Support, Is It Worth Going Long?


On Monday, gold prices crawled down deeper than one-week low as developments in the US-China trade talks elevated risk sentiment. Ultimately, lowering the demand for safe-haven investments.

During the Asian session and the London Open, gold edged 0.3% lower to $1,286.74 per ounce, having touched $1,285.48, its lowest since April 5.

Speaking about technicals, the yellow metal is trading directly on the technically important 100-day moving average at $1,288 per troy ounce. However, the smaller timeframes, the 20,25 and 30 periods EMA are suggesting a solid bearish trend in gold.


So bears are holding it to support again somewhere around 1,283. The violation of this level can drive further sell-off until $1,276.

R3: 1303.87
R2: 1297.97
R1: 1294.2
Key Trading Level: 1292.07
S1: 1288.3
S2: 1286.17
S3: 1280.27

Consider selling below $1,290 to target $1,283 and $1,278. We may have movements in the market during the US session, so buckle yourself up. All the best!


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