Gold: Technical outlook and review...

FX:XAUUSD   Gold Spot / U.S. Dollar
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Following the sluggish response from the 4hr swap (support) level at 1102.4 on Tuesday, price continued to hesitate above this barrier during Asia trade yesterday. It was only once we saw European traders coming into the market did price launch itself north, taking out both 1111.6/1118.1 and stabbing into a 4hr supply at 1126.5-1124.8. The rebound from this 4hr supply was beautiful. This brought Gold             back down to just above 1118.1, 4hr resistance – turned support.

As you can see, this recent flow of buying has also brought prices up into the jaws of a daily supply at 1126.7-1118.9, which boasts a weekly swap (resistance) level at 1130.1 just above it. Therefore, price could still potentially fake above both the current 4hr and daily supplies into this weekly level (see red level on the 4hr chart) before any further selling is seen. If we think about this logically for a moment, waiting for price to fake up to the weekly level would in fact be an extremely nice zone to short from. This level is quite hidden and most traders will be focusing more on shorts from the current 4hr and daily supply zones with their stops placed where? Just above these zones and just below the weekly level – a lovely pool of liquidity (buy stops) to short into.

Other than the above, we’ll be watching to see if price convincingly breaks below 1118.1 and retest it as resistance, since this could provide a nice platform in which to look for confirmed intraday shorts today.

Levels to watch/ live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: 1130.1 Tentative – confirmation required (Stop loss: dependent on where one confirms this level) Watch for bids at 1118.1 to be consumed and then look to enter on any retest seen at this number (confirmation required).
Very sharp charting, and strategy IC Markets.
Thanks BCmel, glad it helps!
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