ICmarkets
Long

Our take on Gold right now

FX:XAUUSD   Gold/U.S. Dollar
230 0 0
Following Gold’s reaction to the H4 resistance level at 1095.6 on Monday, price has been bearish ever since. At this point in time, however, the buyers and sellers are seen battling for position between a broken weekly Quasimodo level at 1074.6 and a daily swap (support) level at 1063.4.

Should the current weekly candle close beyond the this weekly Quasimodo level, then we see very little on the weekly timeframe stopping prices from depreciating further down to the swap support level at 1027.6. However, right now, there looks to be a nice opportunity to buy Gold             at the above said daily swap support, since it merges nicely with a Harmonic AB=CD bull pattern that completes just below it at 1061.7.

Nevertheless, given how strong the recent selling has been over the past month and the clear dollar strength right now, we would only be looking for a small bounce off of this daily level back up to the underside of 1074.6 – the weekly broken Quasimodo level. In addition to this, we would also require lower timeframe confirming price action (preferably on the 30/60 minute) to present itself before risking capital on this idea.

Levels to watch/live orders:

• Buys: 1063.4 Tentative – confirmation required (Stop loss: dependent on where one confirms this level).
• Sells: Flat (Stop loss: N/A).
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