Our thoughts on the gold market right now...

FX:XAUUSD   Gold Spot / U.S. Dollar
261 2
Kicking this morning’s report off with a look at the weekly chart, the precious metal is seen pulling back to the underside of a recently broken support area at 1307.4-1280.0 (now acting resistance). As was previously highlighted in past reports, the aggressive break through this support zone likely left a truckload of sell orders unfilled, hence why it is likely to become a resistance area in the near future.

Looking down to the daily chart , gold has rallied for three consecutive days, following its bounce from demand at 1234.6-1244.9. In the event that the bulls remain in a dominant position from here, we could see price bid up to resistance at 1301.5 (located within the aforementioned weekly resistance area ).

Jumping across to the H4 chart, bullion’s recent advance forced price above a supply at 1268.1-1265.0 (now an acting demand base), and as a result, allowed price to connect with supply coming in at 1277.1-1272.4.

For those who follow our reports on a regular basis you may recall us mentioning that this is a tricky market to read at the moment. And, in all honesty, this is still the case as far as we’re concerned. However, the space seen on the H4 chart beyond the current H4 supply area up to daily resistance at 1301.5 is very attractive. The only problem is, as we highlighted in yesterday’s analysis, that a break above the H4 supply would still be considered a risky buy as by that point price would be trading within striking distance of the weekly resistance area mentioned above at 1307.4-1280.0. While we agree with this, there’s still a chance price could effectively rally up to the daily resistance line upon breaking above the current H4 supply.

Therefore, after some thought, we have decided to re-evaluate our position in this market. Should price close beyond the current H4 supply and retest this boundary as demand, followed up with a reasonably sized H4 bull candle, we might, dependent on the time of day, look to go long from here, targeting the 1301.5 neighborhood.

Levels to watch/live orders:

• Buys: Watch for a close above the H4 supply at 1277.1-1272.4 and look to trade any retest seen thereafter (H4 bullish close required prior to pulling the trigger).
• Sells: Flat (Stop loss: N/A).
Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
Great insights and detailed information.Thanks.
ICmarkets piptamil

You're very welcome. Glad it is useful!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out