2021/10/09 17:23 PM – GOLD FUTURES – D1/H4 – CONSOLIDATION

GOLD FUTURES – D1/H4 – CONSOLIDATION by Ironman8848 on TradingView.com

Currently attempting to recover above the clouds in a consolidation mode.

Indeed, as long as Gold stays and hold on a daily closing basis above $ 1’720,00 it should
still be seen as a consolidation phase in a broad sideways triangle price action.

In order to neutralise the downside risk, Gold should break and hold sustainably above the $ 1’840.00 area
and this on a daily closing basis.

Such kind of price action would then open the door for a retest of the former high at around $ 1’920 ahead of $ 1’960 and higher

4 HOURS (H4)

Currently above the clouds but still below the “cluster” !

Clouds support very thin = very fragile in case of heavy selling pressure.

Looks like, for the time being, a sideways consolidation price action.

Watch carefully upcoming price action as a failure to hold and stay above the clouds would directly put the focus to the former lows $1’740-$1’730


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