ICmarkets
Short

Looking for bounce lower on gold from 1305.3...

FX:XAUUSD   Gold / U.S. Dollar
259 0 4
On the back of a weak dollar, the yellow metal was once again heavily bid higher yesterday! This, as you can see, drove price above H4 supply at 1295.4-1291.9 (now acting demand), and has likely opened the path north for further upside towards a H4 Quasimodo resistance line penciled in at 1305.3.This Quasimodo is, as far as we can see, the last barrier of defense within the current weekly supply area (1307.4-1280.0) to stop gold             from rallying to the weekly Quasimodo resistance seen at 1331.0.

Our suggestions: Despite the bullish tone the shiny metal is presenting right now, we feel a decent bounce will be seen from the H4 Quasimodo resistance line mentioned above at 1305.3. What is more, in taking a short from this region, one can place their stops above weekly supply at 1307.4-1280.0! Therefore, our team has placed a pending sell order at 1305.0 with a stop set at 1309.0. The first take-profit target will be the H4 demand seen just below at 1295.4-1291.9 which is where we’ll also reduce risk to breakeven.
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