ICmarkets

Happy New Year, here is a little something wrapped in Gold :)

FX:XAUUSD   Gold/U.S. Dollar
500 2 7
Weekly Timeframe: The weekly timeframe shows that very little movement was seen in the Gold             markets over the Christmas holidays, which has consequently kept price contained between a weekly supply area seen at 1255.2-1226.1, and a weekly decision-point demand level coming in at 1136.3.

Daily Timeframe: The daily timeframe shows that recent price action has been oscillating around a major daily swap level at 1182.0 for the past week and a half. Our team has come to a general consensus that Gold             can move either way this week. A rally higher towards a daily supply area at 1238.1-1227.7 (seen within weekly supply at 1255.2-1226.1) is very possible, while a move lower is also feasible down towards daily support coming in at 1149.4 (lurking just above the aforementioned weekly decision-point demand level ). Hopefully the 4hr timeframe will offer us more information.

4hr Timeframe: At the time of writing, ranging action is clearly present on the 4hr timeframe between 1211.3 and 1172.8. A break above (upper blue circle) could well see a prompt retest forcing the market north towards a 4hr supply area at 1244.5-1240.1. The reason we believe price can move thus high is simply because we believe that there is very little active supply left between 1212.1 and this 4hr supply area (depicted using a green arc pattern). Shorting from this 4hr supply area in our opinion is valid, but do remain vigilant to the possibility that this area may see a fakeout up to a daily Quasimodo resistance level looming just above at 1249.4 (see the daily chart ). Therefore, with this in mind, we are forced to only consider shorts (1239.5) with corresponding lower-timeframe confirmation.

However, In the event that selling interest enters the market sometime this week, and a break below the range is seen (lower blue circle), we feel that this will likely entice further selling down towards a nice-looking 4hr demand area coming in at 1142.6-1152.0 (encapsulates the aforementioned daily support level at 1149.4). Considering that this 4hr area has favorable higher-timeframe confluence, and also saw fantastic momentum north when the zone was initially formed, we are comfortable setting a pending buy order just above at 1152.8, with a stop-loss order placed just below the zone at 1141.8.

Current buy/sell levels:

• Buy orders: 1152.8, (Predicative stop-loss orders seen at: 1141.8).

• Sell orders: 1239.5 (Predicative stop-loss orders seen at: 1245.4).
justatrader PRO
2 years ago
Classsic!! You pretty much summarized it all. Buy from 1150, sell from 1250. Simple as that.
Reply
ertekmali
2 years ago
nice chart. i don't think it would go below 1160, because people can see that crisis on the way. Low demand for oil. economy slows down.
Only reason gold didn't go high because Russia had to sell gold to have dollars.
Reply
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