W1 : Breakout of the $ 1’800-$ 1’780 support zone triggered, as expected and mentioned in my previous analysis, a downside acceleration towards an intra-week low of $ 1’726, in reaching roughly my technical target of $ 1’723.
Currently in a downtrend channel with its resistance line @ 1’855.
Interesting to note the thickness of the weekly clouds which is becoming very thin between $ 1’790 and $ 1’800.
Therefore, an incapacity for the Gold to recover and hold sustainably above the $ 1’800 area would be perceived as a confirmation of the ongoing downtrend calling for lower levels.
A weekly closing above $ 1’800 would trigger at least a PIERCING LINE (trend reversal pattern).
Follow closely the price action of the Lagging line which is currently below the clouds and which should also recover, at least in the clouds or even better above it, in order to neutralise this ongoing downside risk.
D1: Clear breakout (long black candle) of the $ 1’800 – $ 1’780 support zone on the daily picture.
Currently looking to stabilize with the formation of two successive dojis.
A new daily closing level above $ 1’750 would be seen as a positive signal (PIERCING LINE).
Above the Tenkan-Sen or conversion line @ $ 1’784, would be the next significant resistance level to break ahead of the Kijun-Sen or Base line @ $ 1’804.
On the downside, a failure to hold and close above the former daily closing level @ $ 1’736.50 would weigh further on Gold in opening the door towards lower level, below $ 1’700, @ $ 1’673, forme double bottom seen in 2021.
H4 : currently in a sideways trading range and above the Tenkan-Sen @ $ 1’738.90.
A bullish divergence on the RSI triggered this ongoing recovery with a potential double bottom in progress in this H4 time frame (trigger level @ $ 1’7’48 which is also the MA21 !
Target if breakout validated is @ $ 1’770 which is by the way, also the level of the Kijun-Sen.
H1 : currently facing the hourly clouds resistance area between $ 1’740 and $ 1’765
The Lagging Line in neutral mode moving currently sideway in the middle of the candles…
IRONMAN8848 – Jean-Pierre Bürki
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