Gold Double Bottom Signals Rally to $1,425: Technical Analysis
This article is for subscribers only.
Gold futures may rebound to $1,425 an ounce in the fourth quarter after forming a “double bottom,” according to technical analysis by Logic Advisors.
The price may climb 7.9 percent from the latest settlement, said Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey. Yesterday, the price touched $1,276.90, the cheapest in eight weeks, following the first trough of $1,271.80 on Aug. 7. A double bottom is a chart pattern showing a drop, a rebound and then another decline approaching the previous low, usually indicating price support.