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Gold finds major support from bullish double bottom

Posted on 05 February 2014

A double bottom developing on gold charts suggests a possible rally for the precious metal which is underpinned by major support near its three-year low at $1,180 an ounce, analysts said on Friday.
The formation, which has two troughs at about the same level, is particularly reliable for chartists because it reflects investors’ psychology by pinpointing the critical level where heavy selling has exhausted twice. The pattern, which resembles the letter “W”, connects the two lows on June 28 and Dec. 31 both near $1,180, with a peak in the middle at $1,433 an ounce on Aug. 28. ……………………………………….Full Article: Source


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