Just taken a long position on Gold at 1197.1

FX:XAUUSD   Gold Spot / U.S. Dollar
286 0
Weekly Timeframe: From the weekly timeframe , we can see that price is currently capped between a weekly swap level coming in at 1222.2, and a weekly demand area seen at 1166.8-1195.0.

Daily Timeframe: The daily timeframe shows that buying and selling is currently taking place in between the aforementioned weekly swap level, and a daily ascending channel support line extended from the low 1131.4 (07/11/14). A close above here would likely force the market to test a small daily supply area at 1236.6-1227.7. On the other hand, should a close lower be seen, further selling would then likely ensue down towards a daily swap level coming in at 1182.0.

4hr Timeframe: The XAU/USD pair, as you can probably see on the 4hr timeframe is trading around the upper limits of a 4hr demand area coming in at 1190.0-1197.2. This area, as mentioned in yesterday’s report, is a significant zone to us since it boasts not only trendline confluence from the daily ascending channel line (see above), but also, is located just within a weekly demand area mentioned above at 1166.8-1195.0. In addition to this (something we failed to see yesterday), check out how price approached the 4hr zone, notice that each time price dropped lower, a spike north was seen to likely collect any unfilled sell orders thus allowing prices to keep falling. What this also did at the same time though, was likely clear the path north for a rally!

At the time of writing, our team has decided to enter into a buy position at market here and has been filled at 1197.1, with a stop set just below at 1189.3. Our first take-profit target is set around the 1209.2 level, and if we manage to get above this hurdle, we’d be looking for price retest it as support and rally to the 4hr decision-point supply area above at 1225.2-1217.7, which is where we’ll close out our full position due to this area encapsulating the aforementioned weekly swap level.

Current buy/sell orders:

• Buy orders: 1197.1 (Predicative stop-loss orders seen at: 1189.3).

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

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