Interesting price action seen on Gold.

FX:XAUUSD   Gold Spot / U.S. Dollar
225 2 0
Weekly Timeframe: The weekly timeframe shows that Gold             is currently being bought against the U.S Dollar, and as a result price is now trading just below a fresh weekly supply area coming in at 1255.20-1226.18.

Daily timeframe: The daily timeframe shows that the recent buying momentum has forced prices above a daily decision-point supply area at 1235.51-1222.37 (located just within the aforementioned weekly supply area), which resulted in price forming two potential selling wicks. Yesterday saw the sellers attempt to trade lower, but price however was quickly rejected by the buyers creating a buying tail (1215.78). This gives us confidence that the two aforementioned wicks were likely consumption wicks and that a move higher may ensue, which sounds a dangerous thing to say considering price is currently trading below weekly supply at the moment (see above). It will be interesting to see what the 4hr timeframe has to say about this.

4hr Timeframe: The recent buying on Gold             was seen from a 4hr swap area coming in at 1221.13-1215.21. As we just mentioned we feel that a higher move may be seen, and even after looking at the 4hr timeframe we still stand by that comment. The reasons why area as follows:

1. Take a look where price is trading now, just above is what we believe to be consumed supply marked with red arrows, check out the supply consumption wicks seen at 1232.60/1234.58. This indicates that the path is relatively free for further buying.

2. And two, take a look above 1235.40, and see that beautiful-looking fresh 4hr supply area at 1244.52-1240.15. This area is begging to be traded! What makes this so, is pro money will likely look at faking above 1235.40 into this 4hr supply area to gather liquidity for a move south.

With the above taken into consideration, we have placed a pending sell order at 1239.32 with a stop set just above at 1246.67.

Current buy/sell levels:

• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).

• Sell orders: 1239.32 (Predicative stop-loss orders seen at: 1246.67).

okay let me see... so your going long into supply area then shorting?
No, if you take a look below at the buy orders, we are flat :) We are anticipating a move higher into the 4hr supply where at which point we intend to short.

IC markets
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