Gold Price Movement-Potential Retest and Double Bottom Formation
Gold has shown a contraction in price over the last couple of days, while it rallied last month from this zone. We can predict that this is technically a retest and a double bottom. Additionally, there is a fractal that has a high probability of driving the price in another rally.
We are approaching the BRICS summit where discussions about replacing the dollar are underway. However, a rumor like this might push gold upwards until the summit. As the saying goes, 'Buy the rumor, sell the news.'
In any case, we should exercise caution in the next couple of days as the price is in a critical zone. If a rally does not materialize accurately, we might witness an aggressive drop.
We are approaching the BRICS summit where discussions about replacing the dollar are underway. However, a rumor like this might push gold upwards until the summit. As the saying goes, 'Buy the rumor, sell the news.'
In any case, we should exercise caution in the next couple of days as the price is in a critical zone. If a rally does not materialize accurately, we might witness an aggressive drop.