Gold is currently testing the neckline of a doublebottom pattern

On the 4hr-1day charts we can see gold has broken up from a bull pennant. It is now finding resistance exactly at the top trendline of the yellow channel. This trendline also qualifies as a double bottom neckline. Based on the measured move target of the green bull pennant…price action should break well above the double bottom neckline which makes probability high that the double bottom bullish breakout will also be validated. Here on this current chart I have included both the measured move target for the pennant (green dotted line) as well as a rough estimate for the measured move target of the double bottom pattern (dotted yellow trendline) *not financial advice*