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GOLD FUTURES-W1/D1-PIVOT LEVEL @ 1'919

GOLD FUTURES-W1/D1-PIVOT LEVEL @ 1'919

WEEKLY (W1)

In a broading sideways price action (1677-1919) and under the influence of a DOUBLE BOTTOM IN PROGRESS ( see related ideas below)

Currently above the clouds with a Lagging line above the clouds too !

Global weekly picture is positive, calling for a test of the former high @ 1'919 which should be seen as a KEY PIVOT LEVEL for the next move.

Indeed, this level is the DOUBLE BOTTOM TRIGGER LEVEL and a clear breakout and sustainable move above 1'919 would confirm this double bottom formation and open the door for a technical target @ 2'161 (NEW ATH )


RSI is above 50, @ 60.04 and is still converging to the upside.

Only a failure to stay on a weekly basis above the cluster of 1831-1800 support area would force to a view reassessment of this expected bullish scenario calling for an upside breakout of the former high @ 1'919



DAILY (D1)

In an ongoing uptrend channel , above the clouds and in a positive and constructive price action.

First significant support to look at on a daily basis closing level is @ 1'845.

A failure to hold above this level would be the first warning signal ahead of the MBB (1830) which also coincides with the ongoing uptrend channel bottom line support (corroboration with the weekly view previously explained)

Last but not least, MAJOR DAILY SUPPORT being the DAILY CLOUDS (1'831-1'800)

4 HOURS (H4)

In this time frame, a potential short term double top is in progress !

Watch and monitor closely the price action on the upcoming trading hours and check RSI in order to get signal of a potential short term bearish divergence.

A failure to stay on a H4 closing basis, should be seen, as for D1, as a warning signal for a short term reversal,(tactical countertrend short term trading opportunity) still in a consolidation move in a broad bull trend.

As usual, watch at shorter intraday time frame to get early signal (s) which will validate or invalide the implications previously mentioned.

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Many thanks in advance.

KInd regards

Ironman8848 & Jean-Pierre Burki


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