Daily Timeframe: Yesterday’s trading action saw the form an indecision candle, as price spiked above a small daily supply area at 1296.3-1289.2 (located deep within the aforementioned weekly supply area). Assuming that the majority of sellers are consumed here, increased buying interest may be seen up to a fresh area of daily supply coming in at 1319.2-1308.6.
4hr Timeframe: The recent sell off down towards 1286.1 has allowed us to take a long position at 1287.51. We were initially looking for confirmation here, but with both the weekly and daily timeframes showing that supply has likely been consumed now (see above), our confidence in this level has increased exponentially. Ultimately, we’re looking to ride this position up to a small 4hr supply area coming in at 1315.0-1311.2, which is beautifully located within the daily supply area mentioned above at 1319.2-1308.6.
For anyone who missed entering long around the 1286.1 region, all is not lost. Our Gold team is currently watching the lower timeframes for confirmed entries to pyramid our current position, as we feel there is a very good chance a continuation move higher is going to be seen.
Current buy/sell levels:
• Buy orders: 1287.51 (Predicative stop-loss orders seen at: 1283.00) watching for lower-timeframe confirmation around the 1286.1 area (Predicative stop-loss orders seen at: dependent on where one confirms the trade).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
Sorry for the long delay in replying...
We believe there is a good chance, as the 1249.4 level is an ignored daily Quasimodo level. However, just below current price is a small, yet likely effective daily decision-point demand area coming in at 1271.9-1281.3, so we may see price react here beforehand.
Also, we've just been stopped on our current long trade from 1287.51 :(