GOLD FUTURES-DOUBLE BOTTOM -WATCH 1919
WEEKLY (W1)
Gold still under the influence of a potential double bottom still in progress and very close to its trigger level @ 1'919.
Lagging line far above the clouds.
A BREAKOUT CONFIRMATION OF 1'919 WOULD OPEN THE DOOR FOR A TECHNICAL TARGET @ 2'161.
Watch carefully price action around this important KEY PIVOT LEVEL (breakouts are usually followed by a pullback !)
A failure to successfully confirm this upside breakout would put the focus on the Tenkan-Sen (1'849) which should be seen as the first significant support level to look at, ahead of the cluster of MBB and KS @ 1'819 (clouds support 1'828-1'777)
DAILY (D1)
Ongoing upward price action.
Watch the Tenkan-Sen @ 1'869 as the first support in this daily time frame ahead of the Kijun-Sen @ 1849
RSI still converging to the upside and Lagging line far above the clouds too.
4 HOURS (H4)
Warning ! poteniial BEARISH DIVERGENCE IN PROGRESS in this H4 time frame and growing uncertainty about intraday short term development (dojis !)
Monitor and watch closely price action (intraday basis)
1 HOUR (H1)
The yesterday's intraday high @ 1'918 triggered a SHOOTING STAR and looking at the following candles we can see small candles (lack of momentum and follow through) which may trigger some downside move which for the time being should be seen as a consolidation and corrective move only.
Indeed, only a clear breakout of the hourly clouds support around 1'890 would be a more serious warning signal !
IRONMAN8848 & Jean-Pierre Burki
Gold still under the influence of a potential double bottom still in progress and very close to its trigger level @ 1'919.
Lagging line far above the clouds.
A BREAKOUT CONFIRMATION OF 1'919 WOULD OPEN THE DOOR FOR A TECHNICAL TARGET @ 2'161.
Watch carefully price action around this important KEY PIVOT LEVEL (breakouts are usually followed by a pullback !)
A failure to successfully confirm this upside breakout would put the focus on the Tenkan-Sen (1'849) which should be seen as the first significant support level to look at, ahead of the cluster of MBB and KS @ 1'819 (clouds support 1'828-1'777)
DAILY (D1)
Ongoing upward price action.
Watch the Tenkan-Sen @ 1'869 as the first support in this daily time frame ahead of the Kijun-Sen @ 1849
RSI still converging to the upside and Lagging line far above the clouds too.
4 HOURS (H4)
Warning ! poteniial BEARISH DIVERGENCE IN PROGRESS in this H4 time frame and growing uncertainty about intraday short term development (dojis !)
Monitor and watch closely price action (intraday basis)
1 HOUR (H1)
The yesterday's intraday high @ 1'918 triggered a SHOOTING STAR and looking at the following candles we can see small candles (lack of momentum and follow through) which may trigger some downside move which for the time being should be seen as a consolidation and corrective move only.
Indeed, only a clear breakout of the hourly clouds support around 1'890 would be a more serious warning signal !
IRONMAN8848 & Jean-Pierre Burki
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