ICmarkets
Short

Interesting P.A on Gold....

FX:XAUUSD   Gold Spot / U.S. Dollar
216 0 0
As can be seen from the charts, the Gold             market clearly benefited from the recent U.S. dollar weakness. This sent price action above daily supply at 1126.7-1118.9, and also its partner supply on the 4hr timeframe at 1126.5-1124.8. From here, we can now see price nibbling at not only the underside of a weekly swap (resistance) level at 1130.1, but also rebounding from daily supply at 1147.8-1134.2 and a small 4hr supply at 1134.2-1131.8.

So, given the above, we’re certainly not keen on buying this market today that’s for sure! By far, at least from a technical standpoint, selling seems to be the best bet. With that, our objective is simple today. Watch for confirmed shorting opportunities at the current 4hr supply zone . Should all go to plan, we’ll be eyeing the 1134.2-1131.8 4hr area as our immediate take-profit target. The only drawback to this trade is the fact that a large number of sellers may have already been taken out from the current 4hr supply, thus weakening the zone. On that account, do tread carefully here today traders as it is possible we may see a push up to fresh orders at 4hr supply sitting at 1142.3-1137.9 before a sell-off is seen.

Levels to watch/ live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: 1134.2-1131.8 Tentative – confirmation required (Stop loss: dependent on where one confirms this area) 1142.3-1137.9 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).

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