ICmarkets
Long

Interesting price action forming on Gold traders!

FX:XAUUSD   Gold Spot / U.S. Dollar
432 0 3
Beginning with the weekly timeframe this morning, we can see that following a second stab to the underside of supply at 1205.6-1181.2, price is now trading below the swap support level at 1157.4. Should a close form below this barrier this week, the path south is likely clear for prices to continue lower next week down to demand coming in at 1098.6-1121.7. Daily action on the other hand, shows that this recent selling has brought Gold             into the jaws of a strong-looking demand drawn from 1136.5-1145.0.

Going one lower to the 4hr timeframe, Gold             strongly sold off from the underside of swap resistance at 1162.2 yesterday, consequently closing below the Quasimodo base at 1151.7-1154.7, and reaching lows of 1144.5 on the day.

With the above in mind, today’s spotlight will firmly be focused on the demand area at 1136.5-1140.7. Not only is this beauty located deep within daily demand mentioned above at 1136.5-1145.0, it also boasts additional support from the 61.8% Fibonacci level at 1137.7.

The only drawback to trading this zone long that we see is the current weekly structure showing room to drop lower (see above). Nevertheless, we still expect a decent bounce from this zone. We have placed a pending buy order at 1141.4, with a stop just below at 1135.3. Should our order not be filled before the beginning of the U.S. session, we’ll likely cancel it and reassess next week.

Levels to watch/ live orders:

• Buys: 1141.4 Pending order (Stop loss: 1135.3).
• Sells: Flat (Stop loss: N/A).

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