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 level as a failure to hold above this point would put some selling pressure towards the Kijun-Sen @ 1'878, already been tested recently.
Below the MID BOLLINGER BAND, currently @ 1'851 remains a good indicator and should be used as a BAROMETER !
The Lagging Line on a DAILY basis is far above the clouds.
4 HOURS (H4)
The yesterday's low reached yesterday @ 1'878 coincides exactly with the top of the 4 hours clouds support and the clouds worked perfectly well in rejecting, so far, the downside breakout attempt.
In this H4 time frame a failure to hold above the clouds support zone (1'860) would postpone a little bit the expected bullish scenario, calling for higher levels
CONCLUSION :
A FIRST BREAKOUT OF THE DOUBLE BOTTOM TRIGGER LEVEL @ 1'919 OCCURED YESTERDAY AND SHOULD BE CONFIRMED ON A WEEKLY CLOSING BASIS LATER ON TODAY.
A CONFIRMATION WOULD OPEN THE DOOR FOR THE TECHNICAL TARGET OF THE DOUBLE BOTTOM @ $ 2'161
IRONMAN8848 & Jean-Pierre Burki
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 level as a failure to hold above this point would put some selling pressure towards the Kijun-Sen @ 1'878, already been tested recently.
Below the MID BOLLINGER BAND, currently @ 1'851 remains a good indicator and should be used as a BAROMETER !
The Lagging Line on a DAILY basis is far above the clouds.
4 HOURS (H4)
The yesterday's low reached yesterday @ 1'878 coincides exactly with the top of the 4 hours clouds support and the clouds worked perfectly well in rejecting, so far, the downside breakout attempt.
In this H4 time frame a failure to hold above the clouds support zone (1'860) would postpone a little bit the expected bullish scenario, calling for higher levels
CONCLUSION :
A FIRST BREAKOUT OF THE DOUBLE BOTTOM TRIGGER LEVEL @ 1'919 OCCURED YESTERDAY AND SHOULD BE CONFIRMED ON A WEEKLY CLOSING BASIS LATER ON TODAY.
A CONFIRMATION WOULD OPEN THE DOOR FOR THE TECHNICAL TARGET OF THE DOUBLE BOTTOM @ $ 2'161
IRONMAN8848 & Jean-Pierre Burki
