ICmarkets
Long

Interesting P.A being seen on Gold right now

FX:XAUUSD   Gold / U.S. Dollar
323 1 2
Kicking off this morning’s analysis with a look at the weekly timeframe shows that Gold             continues to depreciate in value. Price is now trading deep within a demand zone drawn from 1098.6-1121.7. Turning our attention to the daily timeframe , however, we can see that price retested the underside of the broken Quasimodo level at 1127.7 beautifully yesterday, forcing the precious metal into the jaws of demand coming in at 1098.6-1108.6 (located deep within the aforementioned weekly demand zone ).

Looking down into the pits of the 4hr timeframe reveals that yesterday’s descent from just below the swap resistance level at 1123.1 took out Quasimodo support (now swap resistance) at 1115.2, and also another Quasimodo support (now acting resistance) at 1110.9, reaching lows of 1106.2 on the day.

Technically, this market, at least as far as we are aware, is seriously oversold right now. That being the case, our team is currently eyeing the Quasimodo support level at 1101.2 for longs (located deep within both the above said higher timeframe demands). Should price reach this level, we plan on buying at market here, and placing our stop below the weekly demand mentioned above at 1097.1

Levels to watch/live orders:

• Buys: 1101.2 Looking to enter at market here (Stop loss: 1097.1).
• Sells: Flat (Stop loss: N/A).
We are going down to new lows . Hopefully you can come up with what is going to happen the following week .
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