Our current take on Gold...

FX:XAUUSD   Gold Spot / U.S. Dollar
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Weekly view – From a long-term perspective, the gold             market is still trending south in our opinion. For this bias to be invalidated, a push above the weekly trendline extended from the high 1488.0 would need to be seen.

Recently, however, the buyers and sellers have been seen battling for position around the top of a small weekly demand area at 1170.3-1188.4. Assuming that this zone holds and a rally ensues, we could potentially witness price attack the aforementioned weekly trendline sometime in the next few weeks.

Daily view: Following the rebound from daily demand at 1170.3-1184.0, the buyers appear to be climbing higher, literally using the daily trendline extended from the low 1142.5 as a rope to pull themselves higher. If price continues to appreciate here, we may, in the next few days, see the market connect with a daily supply area seen at 1214.7-1205.5.

4hr view: From this angle, we can see that price is currently chewing on the upper limits of a 4hr swap area at 1191.1-1194.4, which as you can see, forms the upper limit of a 4hr consolidation zone (lower limit is seen below – 4hr demand at 1178.7-1184.6).

Taking into consideration the location of price on the higher timeframe picture (see above), we believe that gold             is poised for a breakout north today. In the case that the current 4hr swap area is engulfed, the river north should be somewhat ‘ripple free’ up to at least 1203.2/1205.8. However, for us to be given the ‘green light’ to enter long following a close higher, we’d need to see not only a strong retest of this swap area as demand, but also supporting lower timeframe strength.

Levels to watch/ live orders:

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

We are leaving gold as it is until we can bounce trade on weekly trend lines see:
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