RLinda ! GOLD-> Stopping. Consolidation. Double bottom

7 Feb 2023

The fall of gold stops in the area of strong liquidity zone, which is below the level of 1869. A retest is formed, which forms a "Double Bottom" pattern. What's next?

The price has moved into a consolidation phase, as evidenced by the volume profile area. The price is forming a double bottom, which could hold the price, unless of course further fundamental prospects force gold to go lower.

I expect the price may consolidate between resistance 1879 and support 1869 (1863). In that case, buying and selling are possible.

But there is a key risk zone for long positions, when the resistance of 1879 will be broken and a consolidation above the level will form. In this case there will be a chance of movement to the area of 1900.

Regards, R.Linda!