Forex Trading Library

Gold Advances for a Second Day

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The precious metal is attempting to pare losses from last week as price action is trading stronger for the second consecutive day.

The recovery although nascent comes after prices fell toward the 1850 handle earlier. In the process, we see the double bottom pattern holding up.

This puts the minimum upside back to the 1900 region. Given that 1900 – 1911.50 held up as a strong support level, we expect prices to reverse gains here.

A reversal off this region could keep prices floating above the 1850 handle in short term, but further gains could come if this 1850 support breaks.

The next main downside target will be the 1817.80 region.

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