GOLD FUTURES - UPSIDE BREAKOUT IN PROGRESS !
M1 : Resistance downtrend line of the channel under attack.
Above TS.
Next resistance level @ 1895 ahead of 2028, 2136 and 2244
W1 : Downtrend resistance line breakout in progress and more
important, top of the clouds under attack too.
A weekly closing above 1880 would be seen as positive in opening the
door for the targets above mentioned.
D1 : Above the clouds. Ongoing uptrend channel with a attempt to breakout the top of this channel
Watch D1 support zone between 1830 and 1800.
A failure to hold above that zone would put the focus on the clouds zone support
H4 : Above the clouds and the cluster (KS,MBB and TS)
First support @ 1860 ahead of MBB @ 1850
H1 : Above the clouds in a sideways price action (1860-1875)
M30 : Within the clouds. Watch 1860 as mentioned in H4.
M15 : Below the clouds
M5 : Breakout attempt of the top of the clouds in this time frame
CONCLUSION :
GLOBAL PICTURE IS BULLISH FOR GOLD.
WATCH 1760-1750 AS SUPPORT ZONE !
A FAILURE TO STAY AND HOLD ABOVE THIS AREA
WOULD TRIGGER FURTHER SELLING PRESSURE CALLING FOR LOWER LEVELS
TOWARDS THE 1700 AREA, FORMER DAILY CLOSING LOW !
Above TS.
Next resistance level @ 1895 ahead of 2028, 2136 and 2244
W1 : Downtrend resistance line breakout in progress and more
important, top of the clouds under attack too.
A weekly closing above 1880 would be seen as positive in opening the
door for the targets above mentioned.
D1 : Above the clouds. Ongoing uptrend channel with a attempt to breakout the top of this channel
Watch D1 support zone between 1830 and 1800.
A failure to hold above that zone would put the focus on the clouds zone support
H4 : Above the clouds and the cluster (KS,MBB and TS)
First support @ 1860 ahead of MBB @ 1850
H1 : Above the clouds in a sideways price action (1860-1875)
M30 : Within the clouds. Watch 1860 as mentioned in H4.
M15 : Below the clouds
M5 : Breakout attempt of the top of the clouds in this time frame
CONCLUSION :
GLOBAL PICTURE IS BULLISH FOR GOLD.
WATCH 1760-1750 AS SUPPORT ZONE !
A FAILURE TO STAY AND HOLD ABOVE THIS AREA
WOULD TRIGGER FURTHER SELLING PRESSURE CALLING FOR LOWER LEVELS
TOWARDS THE 1700 AREA, FORMER DAILY CLOSING LOW !
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.