ICmarkets
Long

Our take on Gold this week...

FX:XAUUSD   Gold/U.S. Dollar
261 0 1
During the course of last week’s trading, Gold             increased over $20 in value by the close 1117.6. This, as you can see, forced price to pierce above weekly supply coming in at 1098.6-1121.7, and has, as a result, potentially opened the path north for further buying this week up to weekly resistance penciled in at 1157.4.

Rolling a page lower to the daily timeframe , however, we can see that Wednesday’s action closed above a broken daily Quasimodo level at 1121.2, which saw Gold             pullback and retest the recently broken supply (now demand) at 1098.6-1108.6 on Friday. Judging by the beautiful-looking buying tail seen printed from this area, and the fact that price likely triggered a boatload of stops above weekly supply, our team, at least from a higher- timeframe perspective, are bullish Gold             . Upside targets from this region fall in around the Quasimodo resistance level seen at 1156.6.

Down on the H4, Friday’s movement closed the week out deep within H4 supply seen at 1114.8-1118.4, following a bounce from a H4 support area drawn from 1110.3-1108.0. In this case, buying right now is out of the question for us. Before we’d consider attempting to trade with higher-timeframe flow (see above), price would need to close above the current H4 supply (taking out offers from this area) and pullback to the aforementioned H4 support zone , WITHOUT hitting the H4 Quasimodo resistance level above at 1122.8 (as per the black arrows). The reason for why is simply because 1122.8 would be one of our take-profit targets should price trade according to our analysis. Bear in mind, nevertheless, that 1122.8 is only likely going to be the first-take-profit target since as we know from our higher-timeframe analysis (see above in bold), the yellow metal can potentially rally much higher this week.

Levels to watch/live orders:

• Buys: 1110.3-1108.0 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).
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