Gold: Technical outlook and review.

FX:XAUUSD   Gold Spot / U.S. Dollar
187 0
Weekly Timeframe: Buying interest has recently been seen on the weekly timeframe coming from within a stone’s throw away from the weekly decision-point demand level at 1136.3.

Daily Timeframe: The recent ascent on Gold has pushed price up to 1170.5, an ignored daily Quasimodo line. In the event that price closes above this hurdle today, this will likely clear the path for further upside towards a major daily swap level coming in at 1182.0.

4hr Timeframe: The latest coming in from the 4hr timeframe reveals price closed above the aforementioned ignored daily Quasimodo line, and, is at the time of writing, seen retesting this beauty as support. Seeing as how there is very little higher-timeframe resistance on the horizon until the 1182.0 mark, our team is very interested in entering long here. However, entering long at market may not be the best path to take since a fake lower could very well still be in store. With that said, we will only consider an entry long here with corresponding lower timeframe confirmation.

Current buy/sell orders:

• Buy orders: 1175.5 (Predicative stop-loss orders seen at: dependent on where one confirms this level).

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

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