This area showed potential to become a double bottom.
The white line is the yesterday's daily close. You can see how two Hammers were created.
This formation ended up being just part of a bounce of a larger bearish move.
The candle immediately following the second hammer is a large Bearish Engulfing which closed right at the level of support. The next candle has no upper wick and was able to push down. The Daily support now turned resistance.
If this Bearish momentum continues, we could see Gold continue to drop several hundred dollars.
The white line is the yesterday's daily close. You can see how two Hammers were created.
This formation ended up being just part of a bounce of a larger bearish move.
The candle immediately following the second hammer is a large Bearish Engulfing which closed right at the level of support. The next candle has no upper wick and was able to push down. The Daily support now turned resistance.
If this Bearish momentum continues, we could see Gold continue to drop several hundred dollars.