Demand for gold has decreased all over the world recently. This has made more and more institutions release their holdings from week to week. This was shown by data on ETF holdings and COMEX net long positions.
The price of gold has bounced back from support around $1,680. A double bottom seems to have formed, but on higher timeframes there is another potential pattern.
There are two main scenarios here. The first is the double bottom. If the previous high around $1,755 is broken, continuation to the next target around $1,830 is possible.
The second scenario is a rectangle on the weekly timeframe, meaning that price might only overshoot $1,755 then return to its range.
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