We're looking for shorts around 1084.5...

FX:XAUUSD   Gold Spot / U.S. Dollar
195 0 3
Following three H4 selling wicks printed around the underside of H4 resistance at 1095.6, the yellow metal spiraled south yesterday. This, as is evident from the H4 chart, saw bids around both the daily support (now resistance) at 1084.5 and also at the H4 demand zone taken from 1074.8-1077.1 (sits just below a minor daily support at 1078.0) wiped out.

Now, given that the majority of buyers have likely been cleared out here, and weekly action is selling off nicely from supply at 1098.6-1121.7, our team has their eye on shorting from 1084.5 – daily resistance (as per the green arrows). Not only is this a strong level in and of itself, it also fuses nicely with the 61.8% Fibonacci level at 1086.4. Due to this being a fixed level and not a zone, however, our team has come to a general consensus that waiting for lower timeframe confirming price action before committing capital here is (for us) the more logical approach.

Ultimately though, we’re extremely confident that price will bounce from here if price trades this high. Therefore, we’d happily enter short from simply a H4 selling tail aka a pin-bar candle. Should we manage to secure an entry here today, the first take-profit target would be the recently faked H4 demand directly below since there may be residual orders left over from the whipsaw. Following this, we’re eyeing the H4 demand below at 1058.0-1062.2 as our final take-profit zone, which sits just above weekly demand coming in at 1026.5-1054.8.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out