Taking a look at the Intraday price action on Gold in the Asian Session, we have seen Gold pull back strongly on the back of USD strength.
This pullback has now formed a bullish double bottom pattern which could open the door for a potential buying opportunity.
What we would like to see is that the double bottom holds and that price can manage to break above the diagonal inner trend line just above the pattern and use this trend line break as a possible launch pad to fill some or all of the gap left open from that swift down move.
We can place a stop loss just below the double bottom low and see if price can stay above the trend line.
This pullback has now formed a bullish double bottom pattern which could open the door for a potential buying opportunity.
What we would like to see is that the double bottom holds and that price can manage to break above the diagonal inner trend line just above the pattern and use this trend line break as a possible launch pad to fill some or all of the gap left open from that swift down move.
We can place a stop loss just below the double bottom low and see if price can stay above the trend line.