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Strategicbullishstructure

GOLD FUTURES - CONSOLIDATION MODE !Sharp rally seen yesterday which pushed the Gold Futures to an intraday high @ $ 1'976.50. An healthy corrective and consolidation move took place and this recent price action should be seen as a constructive price action calling for further upside over the upcoming trading sessions. Tenkan-Sen @ 1'911 should be the first level to look at on a daily closing level as a failure to hold above this point would put some selling pressure towards the Kijun-Sen @ 1'878, already been tested recently. Below the MID BOLLINGER BAND, currently @ 1'851 remains a good indicator and should be used as a BAROMETER ! The Lagging Line on a DAILY basis is far above the clouds. 4 HOURS (H4) The yesterday's low reached yesterday @ 1'878 coincides exactly with the top of the 4 hours clouds support and the clouds worked perfectly well in rejecting, so far, the downside breakout attempt. In this H4 time frame a failure to hold above the clouds support zone (1'860) would postpone a little bit the expected bullish scenario, calling for higher levels CONCLUSION : A FIRST BREAKOUT OF THE DOUBLE BOTTOM TRIGGER LEVEL @ 1'919 OCCURED YESTERDAY AND SHOULD BE CONFIRMED ON A WEEKLY CLOSING BASIS LATER ON TODAY. A CONFIRMATION WOULD OPEN THE DOOR FOR THE TECHNICAL TARGET OF THE DOUBLE BOTTOM @ $ 2'161 IRONMAN8848 & Jean-Pierre Burki
COMEX:GC1!
by Ironman8848
GOLD FUTURES-DOUBLE BOTTOM -WATCH 1919WEEKLY (W1) Gold still under the influence of a potential double bottom still in progress and very close to its trigger level @ 1'919. Lagging line far above the clouds. A BREAKOUT CONFIRMATION OF 1'919 WOULD OPEN THE DOOR FOR A TECHNICAL TARGET @ 2'161. Watch carefully price action around this important KEY PIVOT LEVEL (breakouts are usually followed by a pullback !) A failure to successfully confirm this upside breakout would put the focus on the Tenkan-Sen (1'849) which should be seen as the first significant support level to look at, ahead of the cluster of MBB and KS @ 1'819 (clouds support 1'828-1'777) DAILY (D1) Ongoing upward price action. Watch the Tenkan-Sen @ 1'869 as the first support in this daily time frame ahead of the Kijun-Sen @ 1849 RSI still converging to the upside and Lagging line far above the clouds too. 4 HOURS (H4) Warning ! poteniial BEARISH DIVERGENCE IN PROGRESS in this H4 time frame and growing uncertainty about intraday short term development (dojis !) Monitor and watch closely price action (intraday basis) 1 HOUR (H1) The yesterday's intraday high @ 1'918 triggered a SHOOTING STAR and looking at the following candles we can see small candles (lack of momentum and follow through) which may trigger some downside move which for the time being should be seen as a consolidation and corrective move only. Indeed, only a clear breakout of the hourly clouds support around 1'890 would be a more serious warning signal ! IRONMAN8848 & Jean-Pierre Burki
COMEX:GC1!Long
by Ironman8848
1
GOLD FUTURES-W1/D1-PIVOT LEVEL @ 1'919WEEKLY (W1) In a broading sideways price action (1677-1919) and under the influence of a DOUBLE BOTTOM IN PROGRESS ( see related ideas below) Currently above the clouds with a Lagging line above the clouds too ! Global weekly picture is positive, calling for a test of the former high @ 1'919 which should be seen as a KEY PIVOT LEVEL for the next move. Indeed, this level is the DOUBLE BOTTOM TRIGGER LEVEL and a clear breakout and sustainable move above 1'919 would confirm this double bottom formation and open the door for a technical target @ 2'161 (NEW ATH) RSI is above 50, @ 60.04 and is still converging to the upside. Only a failure to stay on a weekly basis above the cluster of 1831-1800 support area would force to a view reassessment of this expected bullish scenario calling for an upside breakout of the former high @ 1'919 DAILY (D1) In an ongoing uptrend channel, above the clouds and in a positive and constructive price action. First significant support to look at on a daily basis closing level is @ 1'845. A failure to hold above this level would be the first warning signal ahead of the MBB (1830) which also coincides with the ongoing uptrend channel bottom line support (corroboration with the weekly view previously explained) Last but not least, MAJOR DAILY SUPPORT being the DAILY CLOUDS (1'831-1'800) 4 HOURS (H4) In this time frame, a potential short term double top is in progress ! Watch and monitor closely the price action on the upcoming trading hours and check RSI in order to get signal of a potential short term bearish divergence. A failure to stay on a H4 closing basis, should be seen, as for D1, as a warning signal for a short term reversal,(tactical countertrend short term trading opportunity) still in a consolidation move in a broad bull trend. As usual, watch at shorter intraday time frame to get early signal (s) which will validate or invalide the implications previously mentioned. Do you like my analysis ? If the answer is YES, please do not forget : 1) to like it 2) for those who did not follow me yet on Trading View, please add Ironman8848 on your following list 3) and for those who do not have a Trading View access (the best charting application available at the moment !, please do not hesitate to sign up (different levels :-) , in clicking on the following link : www.tradingview.com Many thanks in advance. KInd regards Ironman8848 & Jean-Pierre Burki
COMEX:GC1!Long
by Ironman8848
HERMES-STRATEGIC MEDIUM/LONG TERM BUY !Following the sharp decline (-30.85 %), since the ATH @ EUR 1678.00 reached on December 1st, 2021, the price action triggered an HAMMER (reversal pattern) coupled with a RSI BULLISH DIVERGENCE, which is a first positive signal calling for a trend reversal towards higher levels. Important to also note that a potential DOUBLE BOTTOM is in progress (first bottom having been reached on October 1st, 2021 @ 1'166.50 ! Today's ongoing price action (long white candle) is, for the time being confirming this reversal and a closing level, on a DAILY BASIS, ideally above the Tenkan-Sen or Conversion line (@ 1'257.80) would add further support to this expected bullish scenario. IMPLICATIONS : UPSIDE : Once this first resistance level will be broken, focus will be on the second resistance area (cluster of both Kijun-Sen or Base line (1288) and the MId Bollinger Band-(1298) -"my own Barometer !", for further development (on this daily time frame, BULLISH above and BEARISH below the Mid Bollinger Band (MBB). The ongoing downtrend resistance line (in red), currently around 1'380 would be the next resistance level to look at ahead of the Daily clouds area (currently very thin) and close to the 61.8% Fibonacci retracement @ 1480.50. A clear upside breakout of the top of the clouds would reopen the door for a new attempt of ATH. DOWNSIDE : Former low @ 1'160.50 is the first support to look at and any dips towards this level should be seen as consolidative move in a new uptrend. Main focus will remain on the WEEKLY CLOUDS SUPPORT AREA (1'200-1'025) with intermediate support @ 1'097,00 this level being the 50% Fibonacci retracement of the big rally which started @ EUR 516.00 in March 16, 2020 CONCLUSION : HERMES is a diamond, very well managed and fundamentally exceptional ! Therefore, STRATEGIC LONG EXPOSURE SHOULD BE BUILT FROM CURRENT LEVEL AND ON DIPS AS A REAL VALUE ADDED ON ANY PORTFOLIO.
EURONEXT:RMSLong
by Ironman8848
3