ICmarkets
Short

Pending order to sell from 1278.93...

FX:XAUUSD   Gold / U.S. Dollar
204 0 5
As shown on the H4 chart, Gold             aggressively advanced north yesterday reaching highs of 1269.5 on the back of dollar weakness. Now, considering that the yellow metal is trading just ahead of a very tasty-looking H4 Quasimodo resistance level at 1279.7, do we have enough support from the higher timeframes to condone a short from this line? High up on the weekly chart, price is seen loitering within touching distance of a weekly supply base at 1307.4-1280.0, which held price lower back in early March this year. Not only this, but also notice that the lower edge of this weekly supply fuses almost perfectly with our H4 Quasimodo resistance line! On the other side of the field, however, daily price has just recently peeked above supply coming in at 1270.8-1257.5, and has opened the door to a potential continuation move up to daily resistance at 1283.4.

With the above info in mind, the H4 Quasimodo resistance line looks to be a smashing line to short today. We have placed a pending order at 1278.93 with a stop above the apex of the H4 Quasimodo formation at 1285.50. Placing our stop here also clears the daily resistance hurdle at 1283.4. Should the H4 continue to rally without pulling back before hitting the sell order, our first take-profit target will be the recently engulfed high formed on the 21st April             at 1270.1 (green circle).
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