ICmarkets
Long

Gold ready for buying?

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
During the course of recent trading, we saw H4 price bounce beautifully from a 127.2% H4 Fib ext. point at 1335.6 and reach a high of 1348.9, before collapsing back to 1335.6. This move was likely bolstered by the fact that a daily support area at 1334.3-1323.3 is seen a few pips below 1335.6, and also considering that weekly price is re-engaging with weekly support at 1337.3.

Should the H4 127.2% Fib ext. fail to hold ground today, the next downside target on the H4 scale can be seen at 1327.3/1325.9: a 161.8% Fib ext. point/H4 support. The green arrows denote consumption tails, which we believe has likely cleared downside.

Market direction:

Buying from current price is certainly a possibility today, given yesterday’s reaction. However, a better area to buy from, in our view, would be the H4 161.8% Fib ext. point at 1327.3, since it is located just ahead of H4 support at 1325.9 and positioned within the lower limits of the current daily demand. Therefore, traders are able to place stops beyond this daily zone!

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1308s seem nice...FOMC will decide direction in USD, Gold and Equities :)
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