COMEX:GC1!   Gold Futures

Potential double bottom in progress below $ 1'800 ?

The level of $ 1'780 is very important as it could be seen in the past and more over the thickness of the weekly clouds is currently very thin = very fragile.

A failure to recover sustainably above the $ 1'800 area and close above it on a weekly basis would be the first signal calling for further downside towards $1'750 and ahead of $ 1'723.

Below there is the former double bottom @ $ 1'673.30.


Still in a downtrend with its resistance line currently @ $1'812, which is slightly below the Tenkan-Sen @ $ 1'816 and which should be seen as the first significant level to break on a daily closing level in order to neutralise this ongoing downtrend.

The cluster of MA21 and Kijun-Sen is @ ($1'833 - $ 1'836).

Friday's price action triggered an HAMMER pattern !

On the downside, as for the weekly picture, a failure to hold and close on a daily basis above $ 1'800 would weigh on Gold and would open the door for lower levels as above mentioned.

4 HOURS (H4)

Nice recovery in progress triggered on Friday by a HAMMER ! So far, the rally has been rejected by the MA 21 @ $1'813.20 and this level is the last resistance before the H4 clouds resistance area which is higher ($1'832-$1'838). By the way, the 61.8% Fib ret of the $1'861.50-$1'783. 40 recent downside move is @ $1'831.70).

On the downside, in this 4 hours time frame, the Tenkan-Sen or Conversion line is @ $ 1'805 and should be seen as the first significant support level in H4.

1 HOUR (H1)

Currently above the cluster of TS , KS and MA21 and close to the clouds resistance area ($ 1'815-1'819).

A successful upside breakout of the clouds would put the focus on levels above previously mentioned in H4 which also coincides with former highs in this hourly time frame.

Have a nice Sunday.

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.