ICmarkets
Long

Some interesting price movement on Gold...

FX:XAUUSD   Gold/U.S. Dollar
236 0 1
Kicking off this morning’s analysis with a look at the weekly timeframe shows that price has recently plugged into bids sitting at the weekly Quasimodo support level at 1074.6 for the second time in four months. Should the buyers continue to defend this level, we see very little stopping Gold             advancing to connect with the underside of the swap supply zone at 1098.6-1121.7.

Turning our attention to the H4 timeframe, however, we can see that price violently stabbed below the support area drawn from 1079.9-1083.5 yesterday to connect with the above said weekly Quasimodo level. Now, along with the supportive pressure being seen from the weekly, H4 candle action is also looking very bullish right now. Here’s why…

Check out the wick marked with a black arrow at 1089.4, this likely consumed a ton of sellers prior to the drop lower, thus potentially clearing the path north for further buying. We do see supply above this wick marked with a blue arrow at 1093.4-1092.2 which could indeed be troublesome. However, once/if price reaches this high on the curve; we feel we are at least going to connect with Monday’s high at 1095.6. So, with this in mind, our objective is quite simple today. Attempt to find a lower timeframe confirmed long entry within the base of the recently pierced support area at 1079.9-1083.5.

Should the above come to fruition, and price manages to close above 1095.6 today, we would then be comfortable to leave our position open over the weekend as we feel Gold             will then climb to at least the broken Quasimodo line at 1101.2.

Levels to watch/live orders:

• Buys: 1079.9-1083.5 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).

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