Daily Gold update -> how to confirm a bullish trend based on technical analysis
Hello, fellow traders!
📰 Key updates:
Economic data from Chinas has rolled in:
Industrial production grew by 5.6% YoY, but that's less than the 6.2% expected
Retail sales beat the expectations and rose 3.7% YoY.
A weaker industrial demand often correlates with economic uncertainties and a spike in Gold prices as investors seek safer assets. On the other hand, strong consumer spending might support economic growth and lead to Gold and other precious metals getting less appeal.
In short, it’s a mixed bag and we might see some volatility in the Gold market.
📊 Alright, let’s break down the most recent XAU/USD data:
Overall, the Gold market remains in a downward trend with potential consolidation.
The price has been bouncing between $2,316 and $2,326 over the last 12 hours. It recently hit a high near $2,326.69 but pulled back to ~$2,321.02.
Looking at the technical data, any upward moves may be temporary.
At first glance at the chart, Gold seems to be currently in short-term bullish trend. We’re also clearly seeing a double bottom pattern forming - a strong bullish signal, suggesting a potential upward move.
But let’s see what’s actually happening.
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