XAUUSD:Towards a double bottom formation?
Since the Tension about Greece has raised again, Gold gained some value and USD loosing ground against EUR gave an impectus to Gold.
We have a classical school case on the double bottom. If the pattern is confirmed, the neck line is at 1212, which in a sense may push up XAUUSD towards 1234 and even higher.
On a chartist approached and taking Ichimoku into account, there are some genuine sign of an upside, the crises in Greece have killed the previous pattern which was a rising wedge.
On a macro economic basis, there is a worry about Greece and USD is loosing ground again. Therefore, investor are hedging the situation with Gold.
At the present moment, ECB's QE has no effect on the market.. It is interesting to note this issue and to keep it in mind.
We have a classical school case on the double bottom. If the pattern is confirmed, the neck line is at 1212, which in a sense may push up XAUUSD towards 1234 and even higher.
On a chartist approached and taking Ichimoku into account, there are some genuine sign of an upside, the crises in Greece have killed the previous pattern which was a rising wedge.
On a macro economic basis, there is a worry about Greece and USD is loosing ground again. Therefore, investor are hedging the situation with Gold.
At the present moment, ECB's QE has no effect on the market.. It is interesting to note this issue and to keep it in mind.
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