Gold currently trading in a nice-looking sell zone!

FX:XAUUSD   Gold/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).
8 months ago
It seems to me that gold will retest the 1307 weekly resistance level. With development on eurusd, thats very possible. But nice work
ICmarkets PRO hmmmpf
8 months ago
Thanks for your input... Much appreciated!
8 months ago
awesome again, you nailed the sell and the buy
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out