GOLD - double bottom?

Good Afternoon Dynamic Traders

A new trading month, a new trading week and a new day of trading opportunities. For me January was a quiet month on the markets and I was stopped out of a few trades, so I'm starting February with a nice, clean trading slate.

Below is the Daily Gold chart. I was in this trade from early January for a continuation with the uptrend, but was stopped out in the recent pullback. Price is now at a support level (which was previous resistance) and we could have a double bottom formation. Of course it's too early to say, but we do have support clustered with a fib level, MACD convergence and not far below VI and TL acting as another layer of support. Higher TF's also suggest the trend continuing. On this daily chart, price is at an interesting point and the market inevitably needs to decide its path.

















I'm still favouring a trend continuation, so should the double bottom play out there could be a long opportunity to be taken. A suitable pullback strategy could be a good tool here. But should price continue weakening we could see Gold start to reverse. One to watch...

Here's to great trading!
Sonia Molina