Alan Solarsh spots a double-bottom pattern in gold that could break down. Repeated hits on support weaken it, and large red candles suggest a move lower. Upcoming jobless claims data could push the dollar higher and pressure gold further.
We're at the bottom of the demand zone. Seems like a double bottom. Let's take a picture. So we've got a bottom over here and we've got that bottom over here. So two taps, which is quite interesting. So they say that the more times that the price hits a support level, the weaker that support level becomes. So I'm not saying that support level is going to break But these candles are very big and very red, and the possibility of us breaking this floor are extremely high, and we're probably going to see a new area of over there. So thinking that is where the price is going to go. And today is Wednesday, so yeah, and then tomorrow's Thursday, which is job loss claims. So we'll probably see more strength in the dollar there. And, um, yeah, so very south at the moment. War still on. Be conservative. Cheers.
