According to some analysis, gold price seems to be in the process of forming a double bottom at about $1165.
Although, gold price itself is on sell signal, the mining companies, here is GDX on the chart below, are on buy signal. We see a positive divergence: GDX is moving up, while gold is still bottoming. This is often a positive sign for gold prices going forward.
Lastly, with deeply oversold gold, many are expecting a powerful bounce out of oversold conditions. Here, for example, is the opinion from Bank of America.
What do you guys think about gold price over the next few months? Share your opinion in the comments below.