Price of gold consolidates with a double bottoms shape, brewing momentum for recovery

For London gold, the price of gold just rebounded after hitting US$1,759 on Friday, corresponding to the low at the end of November last year, forming a set of double bottoms pattern. As the price of gold continued to stabilize this week, it has shown signs of rebounding. The current key resistance is  at MA-25 of $1818. If the market outlook can clearly break through this area, the rebound in gold price is expected to be even stronger. Calculated on the basis of the cumulative increase in the past two months, the 38.2% rebound level is US$1,836, and the expansion to 50% and 61.8% are US$1860 and 1883. Support at 1760, key at 1750 to 1745.

SPDR Gold Trust gold holdings:
Feb 8 – 1,152.43tons
Feb 9 – 1,148.34tons
Feb 10 – 1,146.60tons
Feb 12 – 1,242.22tons
Feb 15 – 1,242.22tons
Feb 16 – 1,136.682tons
Feb 17 – 1,132.892tons
Feb 18 – 1,132.89tons
Feb 19 – 1,127.64tons
Feb 22 – 1,115.40tons
Feb 23 – 1,110.44tons
Feb 24 – 1,106.36tons
Feb 25 – 1,100.24tons

Fix Prices 
Feb 25 am: 1792.10
Feb 25 pm: 1779.65

London Gold February 26
Forecast early volatility: 1749 - 1764
Resistance: 1776 - 1789 - 1796
Support: 1736 - 1716 - 1696

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