ICmarkets
Long

Our bias is firmly long on Gold, what do you think?

FX:XAUUSD   Gold/U.S. Dollar
385 2 3
Weekly timeframe perspective: From the weekly timeframe , we can see that price has just recently pierced the top of a small weekly decision-point supply area at 1223.1-1202.6. This move has likely cleared the path north for further upside towards a weekly swap level coming in at 1251.0.

Daily timeframe perspective: It should come as no surprise when we tell you that the recent move on the weekly timeframe has also taken out a daily supply area at 1223.1-1213.0, since this area is located deep within the aforementioned small weekly decision-point supply area. This move, as per the daily timeframe , has potentially cleared the path north up to daily supply at 1236.6-1227.7, which is, as far as we can see, now effectively a key obstacle to a move towards the aforementioned weekly decision-point supply area.

4hr timeframe perspective: The open (1202.7) saw the buyers take immediate control, which saw prices hit and spike though a 4hr resistance zone at 1223.1-1219.0, possibly clearing the path north up to a 4hr supply area seen at 1236.6-1231.8 (located very deep within the daily supply area mentioned above at 1236.6-1227.7).

Let’s just recap here so that we’re all on the same page. Essentially, we have now seen three supply areas engulfed. These supply areas, as you can probably see, all have the same upper limits. The key point to this is that the path north appears clear for further buying according to not only on the weekly timeframe , but the daily and 4hr timeframes as well.

This is great. What next? Buying - with a potential resistive-free area on the horizon, we currently have our eye on the following levels:

• The small 4hr flip level at 1208.4. Lower timeframe confirmation is a must here – nothing worse than getting stopped out on a fakeout, is there?
• The small 4hr decision-point demand area at 1191.3-1194.1, which also boasts trendline convergence from the low 1142.5. Depending on the way price approaches this zone, we may consider setting a pending buy order here when, or indeed if the time comes.

The ideal take-profit target for any trades taken from these levels is the lower limit of the daily supply area at 1236.6-1227.7. It will be up to the individual trader whether to close his/her full position at this point, or leave some on the table to run.

Current buy/sell orders:

• Buy orders: 1208.4 (Predicative stop-loss orders seen at: dependent on where one confirms this level). 1191.3-1194.1 (Predicative stop-loss orders seen at: 1190.2).

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


look4edge
2 years ago
your idea is shortterm focused, but in longterm i see firm downtrend unless decisive break of channel at 1250, or better 1308, check cci, still deep below zero even on 3D tf and tl going from 1130 low (red) has not been broken so far
now it rather seems as all set for repeat of Apr13, lets see
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ICmarkets PRO look4edge
2 years ago
Yes, for sure. We are looking for buys short-term here. Good analysis!

ICmarkets
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