ICmarkets
Short

Gold currently trading in a nice-looking sell zone!

FX:XAUUSD   Gold Spot / U.S. Dollar
234 3 6
The yellow metal had a rather eventful session yesterday with the ECB announcing it will be cutting rates. Gold             initially stabbed into the extremes of H4 demand coming in at 1237.2-1243.9 and then proceeded to rocket north, surpassing H4 resistance at 1256.2 and just recently connecting with H4 supply painted at 1285.5-1278.5.

Despite the aggressive rally north yesterday, price is now considered overbought in our opinion. Here’s why: Over on the weekly chart, it’s clear to see that price is now nibbling at the underside of a very strong-looking supply zone at 1307.4-1280.0. Not only this, but down on the daily chart this market is also responding to a clear resistance hurdle coming in at 1283.4.

Therefore, our plan of attack for this market today is relatively simple. Look for a lower timeframe sell setup (preferably between the M15 to M60) within the current H4 supply to jump in short, targeting H4 support at 1256.2 first and foremost.

Levels to watch/live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: 1285.5-1278.5 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
awesome again, you nailed the sell and the buy
Reply
It seems to me that gold will retest the 1307 weekly resistance level. With development on eurusd, thats very possible. But nice work
Reply
Thanks for your input... Much appreciated!
Reply
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
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