Sharp rally seen yesterday which pushed the Gold Futures to an intraday high @ $ 1'976.50.
An healthy corrective and consolidation move took place and this recent price action should be seen as a constructive price action calling for further upside over the upcoming trading sessions.
Tenkan-Sen @ 1'911 should be the first level to look at on a daily closing...
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...
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...
Following the sharp decline (-30.85 %), since the ATH @ EUR 1678.00 reached on December 1st, 2021, the price action triggered an HAMMER (reversal pattern) coupled
with a RSI BULLISH DIVERGENCE, which is a first positive signal calling for a trend reversal towards higher levels.
Important to also note that a potential DOUBLE BOTTOM is in progress (first bottom...
