2022/04/05 15:59 PM – GOLD FUTURES – CONSTRUCTIVE MOVE …

GOLD FUT-DAILY – CONSTRUCTIVE MOVE … by Ironman8848 on TradingView.com


WEEKLY (W1)

Currently caught between the KIJUN-SEN @ 1’914 in SUPPORT and the TENKAN-SEN @ 1’943 in RESISTANCE !

A WEEKLY CLOSING ABOVE 1’940.50 would confirm a PIERCING LINE pattern or even better above the former high @ 1’959.80 of the previous weekly candle which if it was the case would even be better bullish as it will trigger a BULLISH ENGULFING PATTERN.

On the DOWNSIDE , a weekly closing below 1’914 should be seen as the first warning negative signal calling for lower levels (see daily comments)

DAILY (D1)

Ongoing sideways price action between 1’900 and 1965, testing currently the first resistance (Mid Bollinger Band ) @ 1’945.00

Levels to watch on a DAILY CLOSING BASIS are the following :

UPSIDE. : 1’945
DOWNSIDE : 1’914

IMPLICATIONS OF A BREAKOUT OF ONE OF THOSE LEVELS :

UPSIDE : 1965 ahead of 1’983 – daily closing above 1’983 would put the focus to former highs

DOWNSIDE : Daily clouds 1’896-1864

RSI slightly above 50 @ 52.82

LAGGING LINE far above the daily clouds and above both KIJUN-SEN and TENKAN-SEN

As usual monitor and watch closely price action on intraday shorter time frame to get intermediate clues which will help you to validate or invalidate the implications of the scenarios mentioned in longer time frames (daily and weekly).

IRONMAN8848 – Jean-Pierre Burki

https://www.tradingview.com/gopro/?share…

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