Gold: Technical outlook and review.
During the course of yesterday’s sessions, Gold was well-bid as investors flee to safety. This third daily consecutive gain, as you can see, took out daily resistance (now support) at 1084.5, and is now trading within shouting distance of both weekly and daily supplies (1098.6-1121.7/ 1098.6-1108.6). Alongside the higher timeframe structures, H4 action can be seen just missing the Quasimodo resistance at 1095.6, before settling for the day at 1092.7.
At this point, our team has absolutely no interest in joining the Gold rush just yet. Instead, we’re going to be looking for confirmed shorts around the above said H4 Quasimodo level. Based on our analysis, we’re not expecting a to-the-pip touch at this H4 level, since a fakeout higher could be seen to tag in offers at the higher timeframe supplies mentioned above, hence the need for lower timeframe confirmation!
In the event that price drives too high above the H4 Quasimodo, all eyes will then be on the H4 supply coming in at 1110.3-1108.0. This zone is located not only at the very extreme of daily supply, but also deep within weekly supply as well (see above for levels), thus making this one heck of a sell zone to have noted on your watch lists.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1095.6 Tentative – confirmation required (Stop loss: dependent on where one confirms this level). 1110.3-1108.0 Possible short here at market (Stop loss: 1112.0).
At this point, our team has absolutely no interest in joining the Gold rush just yet. Instead, we’re going to be looking for confirmed shorts around the above said H4 Quasimodo level. Based on our analysis, we’re not expecting a to-the-pip touch at this H4 level, since a fakeout higher could be seen to tag in offers at the higher timeframe supplies mentioned above, hence the need for lower timeframe confirmation!
In the event that price drives too high above the H4 Quasimodo, all eyes will then be on the H4 supply coming in at 1110.3-1108.0. This zone is located not only at the very extreme of daily supply, but also deep within weekly supply as well (see above for levels), thus making this one heck of a sell zone to have noted on your watch lists.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1095.6 Tentative – confirmation required (Stop loss: dependent on where one confirms this level). 1110.3-1108.0 Possible short here at market (Stop loss: 1112.0).
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