Our take on Gold...
Weekly Timeframe: The weekly timeframe shows that price is currently trading just below a weekly demand area coming in at 1166.8-1195.0. Assuming that the sellers can hold out below this zone, we feel there’s a good chance that further downside will be seen towards the weekly decision-point demand level coming in at 1136.3.
Daily Timeframe: From the pits of the daily timeframe, we can see price is holding below the recently broken daily Quasimodo support level at 1170.5. Further selling from here is very likely since (as far as we can see) there is very little active demand to the left until price reaches the aforementioned weekly decision-point demand level.
4hr Timeframe: The latest coming in from the 4hr timeframe shows that the buyers and sellers are pulling for position between the descending channel support line extended from the low 1228.1, and the aforementioned daily Quasimodo support (now resistance) level.
Although on the higher timeframes there is very little obvious support seen down until the weekly decision-point demand level, the 4hr timeframe on the other hand shows that in order for price to drop thus far, the sellers would need to take out the 4hr demand area seen below at 1142.6-1152.1.
Given the points made above, we would not really feel comfortable buying this market at the moment. We would however, be interested in shorting any further retests (with confirmation) of the daily Quasimodo swap level (as per the red arrows). Assuming we find an entry here today, we’d try to ride price down to 1153.4 before moving our stop to breakeven, as our ultimate target would be 1138.0.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1170.5 [Tentative – confirmation required] (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: From the pits of the daily timeframe, we can see price is holding below the recently broken daily Quasimodo support level at 1170.5. Further selling from here is very likely since (as far as we can see) there is very little active demand to the left until price reaches the aforementioned weekly decision-point demand level.
4hr Timeframe: The latest coming in from the 4hr timeframe shows that the buyers and sellers are pulling for position between the descending channel support line extended from the low 1228.1, and the aforementioned daily Quasimodo support (now resistance) level.
Although on the higher timeframes there is very little obvious support seen down until the weekly decision-point demand level, the 4hr timeframe on the other hand shows that in order for price to drop thus far, the sellers would need to take out the 4hr demand area seen below at 1142.6-1152.1.
Given the points made above, we would not really feel comfortable buying this market at the moment. We would however, be interested in shorting any further retests (with confirmation) of the daily Quasimodo swap level (as per the red arrows). Assuming we find an entry here today, we’d try to ride price down to 1153.4 before moving our stop to breakeven, as our ultimate target would be 1138.0.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1170.5 [Tentative – confirmation required] (Predicative stop-loss orders seen at: N/A).
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