✴️ GOLD Daily timeframe. Mar.13 - Mar.17

11 mar 2023The futures price is forming a double bottom and trying to reverse the local trend.

1) Slightly "lighter" fundamentals make the market look more positive on gold, thus we get a nice rally on Friday
2) Price breaks through the "double-bottom" pattern base and updates the local highs to 1870
3) A price consolidation above the 1860 level will determine a further target at 1890 and then 1955
4) At the moment the price is under pressure of the bulls
5) Indicators are changing their color from red to green
6) On Monday the price might pullback to 1860 to retest the support, the bulls will be fighting for this area, we should expect higher volatility and consolidation
7) The candlestick closes near its high on Friday, so we conclude that the price is bullish and the growth from 1870 may continue in the mid-term
8) At this moment it is worth to focus on strong support zones for searching for trading patterns and signals for long positions opening