Update on the recent movement on Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
169 0 2
Shortly after the Gold             market opened (1254.5) H4 action plummeted south, breaking below Friday’s low 1247.7, followed by a drive into bids around demand chalked up at 1237.2-1243.9. The reaction from this area, other than the two candle wicks north at 1249.1/1248.1 which attacked Friday’s low as resistance, has so far not registered much meaning in our opinion.

Looking across to the weekly chart, we see little direction on this timeframe as price remains loitering mid-range between supply at 1307.4-1280.0 and support drawn from 1224.1. Turning our attention to the daily chart , however, support (now acting resistance) at 1246.4 was consumed yesterday opening the path south, albeit a small one, down to demand coming in at 1224.6-1238.3.

In view of the current structure, we only have interest in one area today and that is the H4 demand seen at 1224.6-1230.8. The reason being is simply because it’s bolstered by the aforementioned weekly support and sits within the extremes of the above said daily demand zone . Before going long from here, nevertheless, we would like to see what the lower timeframes response is. If we manage to pin down a buy signal on a lower scale (see top of page for confirmation techniques), we’ll confidently buy the yellow metal, targeting the first supply formed on approach. Another reason for requiring confirmation here is due to the weekly level being positioned just BELOW the H4 demand, thus indicating a fakeout of this zone could be seen!

Levels to watch/live orders:

• Buys: 1224.6-1230.8 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).
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