ICmarkets

Our take on the current movements of gold...

FX:XAUUSD   Gold Spot / U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows that Gold has recently hit a weekly demand area coming in at 1166.8-1195.0. Assuming that there are active buyers here, price could very well rally back up to test 1222.2.

Daily Timeframe: From the daily timeframe , we can see that there was some buying interest seen yesterday around the daily swap level at 1200.0. In the event that further buying comes into the market today, we see very little daily resistance on the horizon until price reaches the 1222.2 weekly swap level.

4hr Timeframe: The 4hr timeframe shows that Gold recently rallied higher from the 4hr decision-point demand area at 1186.6-1194.3. However, as you can probably see, there was clearly active sellers waiting around the 1211.5 hurdle, which consequently forced price back down to a small 4hr swap level seen at 1202.8.

Given that both the weekly and daily timeframes are trading around support at the moment, our team will be primarily looking for longs today. We’re currently watching the 1202.8 4hr swap level, as this could very well be a nice base in which to look for a bounce trade back up to 1211.5. Be that as it may, lower timeframe confirmation will be required (for us) here, since price could just as easily break below this level and trade down to a 4hr demand area coming in at 1190.0-1197.2.

Current buy/sell orders:

• Buy orders: watching for lower timeframe confirmation around the 4hr swap level at 1202.8 (Predicative stop-loss orders seen at: dependent on where one confirms this level).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).

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