ICmarkets
Long

Pending buy order set at 1319.8

FX:XAUUSD   Gold/U.S. Dollar
205 0 8
With the US dollar index             seen appreciating yesterday, the gold             market tumbled lower. H4 support at 1332             .3 was taken out during this onslaught with price ending the day tagging the 78.6% H4 Fib support at 1322.8. This Fibonacci level represents the top edge of a H4 harmonic Gartley reversal zone (X point comes in at 1310.7), and given that it unites with the top-side of a daily demand barrier at 1305             .3-1322.8 (which sits on top of a weekly support area at 1307.4-1280.0), we’re not surprised bullion stabilized around this region going into yesterday’s close.

However, for those who have already entered long here, there is a possibility that the yellow metal could drive down to the H4 demand zone at 1315.6-1319.6 before serious buyers step in. Given that this H4 demand base also merges with the above said daily demand zone , as well as being lodged within the aforementioned H4 harmonic Gartley reversal area, we have set a pending buy order at 1319.8 with a stop placed below the X point of the harmonic pattern at 1309.1.The reason as to why we did not enter long at the 78.6% Fib line was simply down to the size of the stop loss required and nothing more.

Levels to watch/live orders:

• Buys: 1319.8 Pending order (Stop loss: below the X point of the H4 harmonic formation: 1309.1, which is, as you can see, set just beyond the H4 support at 1310.3).
• Sells: Flat (Stop loss: N/A).

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