Small Double Bottom Base Emerges Ahead Of Key Fibonacci Retracement

After suffering the worst day in six weeks Gold futures have stabilized ahead of key Fibonacci retracement (61.8% of latest minor range). Also, a small double bottom seems to be forming on intra-day technical charts. More importantly, from a bigger perspective, Gold futures have seemingly held up the month of August after breaking long-term (monthly chart) trendline resistance. This suggests that if a higher base is confirmed (clear break to the upside of 1280) here, then Gold should re-test the critical 1300 threshold.