ICmarkets
Short

Something may be cooking on Gold....

FX:XAUUSD   Gold Spot / U.S. Dollar
192 0 3
In our previous report on Gold             (http://blog.icmarkets.com/thursday-17th-march-keep-a-close-eye-on-the-gbp-midday-today-volatility-expected/) we mentioned that we were looking for the yellow metal to retest the recently broken H4 resistance level at 1256.2 as support. Price clearly did as we expected but unfortunately we have been unable to pin down a lower timeframe buy setup as of yet. Well done to any of our readers who are currently long this market, since price is likely headed for the H4 supply zone drawn from 1285.5-1278.5 (positioned within the weekly supply area at 1307.4-1280.0).

Aside from a clear run north being seen in this market at the moment, we also have our eyes on shorting from the above said H4 supply area, more specifically, the H4 Quasimodo resistance level at 1279.6. Not only does this level and its surrounding H4 supply converge with weekly supply as we just mentioned above, but it also encapsulates the daily resistance hurdle penciled in at 1283.4. As a result, a market entry at 1279.6 with a stop above the H4 supply at 1286.8 could, depending on the time of day, be something to consider here.
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