Gold Price Forecast: Flag Forms as Double Bottom Breakout Stalls - Levels for XAU/USD
Advertisement
Gold Price Outlook:
Ever since clearing consolidation resistance in mid-April, gold prices have been tediously moving sideways.But gold prices may simply be flagging – in a bull flag, that is – after establishing their double bottom, meaning that more upside may be ahead yet.
Seasonality, which was extremely bullish for gold in April, has taken a dramatic turn: May has been one of the worst, if not the worst, months of the year for gold prices.
According to the IG Client Sentiment Index, gold prices have a bullish bias in the near-term.