ICmarkets
Long

Gold: Technical outlook

FX:XAUUSD   Gold/U.S. Dollar
344 0 10
Weekly gain/loss: + $26.3
Weekly closing price: 1336.0

Weekly view: The yellow metal corrected sharply higher from the support area seen at 1307.4-1280.0 last week, erasing the prior week’s losses and reaching highs of 1343             .5. As far as we are concerned, there is little resistance seen to the left of current price on this timeframe to stop further buying coming into the market this week up to a Quasimodo resistance level drawn in at 1361.7.

Daily view: In light of the rebound seen from demand at 1305             .3-1322.8 on Wednesday, gold             seems all set to extend further north this week up to at least the trendline resistance extended from the high 1375.0, and with a little bit of luck, the resistance planted at 1354.6.

H4 view: With sellers more than likely consumed at the supply zone seen at 1339.4-1337.0, the runway above this zone appears clear up to supply coming in at 1349.2-1345.8.

Direction for the week: The direction for the week is almost certainly going to be north. That is, at least until prices collide with the above said daily trendline resistance.

Direction for today: While prices on the H4 may consolidate a while longer, further buying will likely be seen up to the aforementioned H4 supply.

Our suggestions: Since we know that both the weekly and daily charts show promise to the upside, and stops are more than likely taken out from the above said H4 supply zone, we feel longs from the H4 demand at 1331.8-1329.6 could be something to consider. We would, however, recommend waiting for at least a H4 bullish candle close to form prior to pulling the trigger, since a fakeout through this zone is possible. In regard to targets, we really only have one in mind here and that is the H4 supply zone drawn from 1349.2-1345.8, as it unties beautifully with the aforementioned daily trendline resistance.

Levels to watch/live orders:

• Buys: 1331.8-1329.6 - H4 bullish close required (Stop loss: beyond the trigger candle).
• Sells: Flat (Stop loss: N/A).
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