ICmarkets
Long

Pending buy order placed at 1227.7 at an area of confluence...

FX:XAUUSD   Gold Spot / U.S. Dollar
179 0 3
Beginning with a look at the weekly chart this morning, we can see that price remains loitering mid-range between supply painted at 1307.4-1280.0 and support drawn from 1224.1. At this point in time, there is, as far as we see, very little directional value coming in from this timeframe. Bouncing down to the daily chart on the other hand, the buyers and sellers are currently hovering just ahead of demand fixed at 1224.6-1238.3, which is bolstered by the weekly support level just below it at 1224.1.

Moving across to the H4 chart it’s clear that some very interesting price action is forming. As a start, the yellow metal appears to be chalking up a D-leg of an AB=CD bull pattern which completes around the 1230.0 mark. However, we would like for price to connect with the small, albeit powerful, H4 demand at 1224.6-1226.8 before looking to take a long position. Reason being is this area lurks within the extremes of both the AB=CD buy zone (formed between the 127.2% and 161.8% extensions ), the extremes of the daily demand zone mentioned above at 1224.6-1238.3 and also comes close to weekly support at 1224.1. All in all a very tight area of confluence seen here!

Taking into account the above notes, our team has elected to place a pending buy order at 1227.7 with a stop-loss order below at 1221.0. As for take-profit targets, these will be dependent on the H4 approach to our buy zone.
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