ICmarkets
Long

Traders likely eyeing 1259.7 for longs still...

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold             prices are effectively unchanged this morning, down 0.17%. After tapping the underside of August’s opening level at 1269.3 during the early hours of London, the yellow metal pushed lower and ended the day basing just ahead of a H4 AB=CD (black arrows) 161.8% ext. point at 1259.7.

Weekly price recently entered the weekly demand base at 1251.7-1269.3 and is seen shaking hands with a weekly channel support etched from the low 1122.8. The ascending channel formation has been in motion for quite some time and on each occasion the limits have been challenged, it held beautifully. Therefore, history may repeat itself here. The daily candles are also seen interacting with a daily demand base drawn from 1251.7-1265.2, which is not only positioned within the lower limits of the weekly demand mentioned above, it also houses a 61.8% daily Fib support at 1263.3.

Direction: With a clear H4 AB=CD (black arrows) 161.8% ext. point nearby at 1259.7, this could be an ideal location to look for buying opportunities considering that its bolstered by both a weekly/daily demand and a weekly channel support! Just beyond the H4 AB=CD completion point, there’s also another layer of support traders may want to note at 1254.3: a H4 Quasimodo support formed back in early August (not seen on the screen).

A trade from the AB=CD completion allows one to position stop-loss orders beneath the current weekly demand – beautiful!

Areas worthy of attention:

Supports: H4 AB=CD 161.8% ext. point nearby at 1259.7; 1254.3; 1251.7-1265.2; 1251.7-1269.3; weekly channel support extended from the low 1122.8.
Resistances: 1269.3/1269.9.

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