Ironman8848

GOLD FUT - D1 - DOUBLE BOTTOM !

Long
COMEX:GC1!   Gold Futures
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

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