DAILY (D1)
A RSI bullish divergence detected 2 days ago, triggered a trend reversal in making a double bottom formation which has been activated
yesterday with the breakout of the trigger level @ 1794.
Technical target of this double bottom formation is @ $ 1835.00
A breakout of the ongoing downtrend line resistance (in red? and also the upside breakout of the clouds would add further support
to this bullish scenario.
KS is @ $ 1816.
WEEKLY (W1)
Currently in a broad double bottom formation in progress and still below the weekly clouds but already above both Kijun-Sen and Mid Bollinger Band .
Watch the clouds (1'828-1'884) as the weekly resistance area and ongoing weekly uptrend line (1785) as support zone , on a weekly closing basis.
Double bottom trigger level on this weekly time frame is @ $ 1'919.-- and target would be $ 2'165...
4 HOURS (H4)
Intraday picture is showing the Gold above the clouds, the MBB , the KS and the TS .
Last but not least the Lagging line is above the clouds.
Have a nice trading day and all the best and if you like my analysis, do not forget :
1) to like it
2) to add me on your following list if it is done yet :-)
Many thanks in advance.
Take care.
Ironman8848 & Jean-Pierre Burki
A RSI bullish divergence detected 2 days ago, triggered a trend reversal in making a double bottom formation which has been activated
yesterday with the breakout of the trigger level @ 1794.
Technical target of this double bottom formation is @ $ 1835.00
A breakout of the ongoing downtrend line resistance (in red? and also the upside breakout of the clouds would add further support
to this bullish scenario.
KS is @ $ 1816.
WEEKLY (W1)
Currently in a broad double bottom formation in progress and still below the weekly clouds but already above both Kijun-Sen and Mid Bollinger Band .
Watch the clouds (1'828-1'884) as the weekly resistance area and ongoing weekly uptrend line (1785) as support zone , on a weekly closing basis.
Double bottom trigger level on this weekly time frame is @ $ 1'919.-- and target would be $ 2'165...
4 HOURS (H4)
Intraday picture is showing the Gold above the clouds, the MBB , the KS and the TS .
Last but not least the Lagging line is above the clouds.
Have a nice trading day and all the best and if you like my analysis, do not forget :
1) to like it
2) to add me on your following list if it is done yet :-)
Many thanks in advance.
Take care.
Ironman8848 & Jean-Pierre Burki
