COMEX:GC1!   Gold Futures

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.


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


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.