ICmarkets
Short

Looking to short gold at 1332.8

FX:XAUUSD   Gold / U.S. Dollar
203 0 3
Going into this morning’s open, we can see the yellow metal is extremely well-bid. Consequent to this, price is currently approaching the daily Quasimodo resistance band at 1333.4, which, in our book, is a very interesting level for the following reasons:

• Weekly bears also testing a weekly Quasimodo resistance at 1331.0.
• H4 61.8% Fib resistance line at 1337.9 sits just above the daily Quasimodo line.
• A H4 resistance level at 1339.9 seen above the aforementioned H4 Fib level.
• H4 AB=CD approach which tops out at 1335.8.

The green box on the H4 chart is, as far as we can see, a very high-probability reversal zone since it shows a strong band of confluence! Therefore, we will be looking to short this unit at 1332.8 with a stop-loss order placed above at 1341.1. The first take-profit target will depend on how the H4 approaches as we usually look to take partial profits at the first area of demand.
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out