ICmarkets
Short

Our take on Gold...

FX:XAUUSD   Gold Spot / U.S. Dollar
320 0 3
During the course of yesterday’s sessions Gold             recovered amid U.S. dollar weakness, consequently pushing up to the H4 channel resistance taken from the high 1098.0. Directly above this line, however, sits a strong-looking H4 supply area seen at 1066.0-1070.4 (surrounds a daily swap level at 1068.8), which if hit today, could repel this market. Although this supply, coupled with the daily swap resistance, is beginning to shape up nicely, we mustn’t forget that above this area lurks a broken weekly Quasimodo level at 1074.6, which could tempt well-funded traders to fake higher! Therefore, for us to be permitted to short here, we’d need to see lower timeframe resistances hold firm and stabilize prices.

In view of the above, technically, our team is biased to short-side of this market for the time being. Despite this, traders may also want to keep in mind that it’s NFP day today and usually, at least for us anyway, our technicals do not stand up to well against the brute force usually seen from this news release. That being the case, we will stand down during such time and only trade the above said H4 area pre/post NFP. Good luck today traders!
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