Gold Price Forecast: Double Bottom Breakout Faces First Test - Levels for XAU/USD
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Gold Price Outlook:
Gold prices have turned lower after running into the early-February swing low, setting up a potential pullback to a key threshold in the recent bullish double bottom breakout attempt.
Failure below the trifecta of key technical levels would suggest a false bullish breakout has developed, setting up a potential return to the yearly lows.
According to the IG Client Sentiment Index, gold prices have a mixed bias in the near-term.
Gold Prices Stumble to Start Week
Gold prices entered the week near their monthly highs, but price action through Monday thus far has been less kind to bullion. Following last week’s bullish breakout attempt in establishing a short-term double bottom, gold prices have turned lower in spite of what has been an otherwise soft day of trading for the US Dollar.