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Gold’s double bottom signals rally to $1,500

Posted on 21 May 2013

Gold futures may rebound to $1,500 an ounce in June after hitting a “double bottom” yesterday, according to technical analysis by R.J. O’Brien & Associates.
The price may climb 8.4 percent from yesterday’s settlement after touching $1,336.30, a month after slumping to a two-year low of $1,321.50 on April 16, said Matthew Schilling, a commodity broker at R.J. O’Brien in Chicago. A double bottom is a chart pattern showing a drop, a rebound and then another decline approaching the previous low, usually indicating support………………………………..Full Article: Source


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