Our outlook on Gold right now...
The rebound from the ignored Quasimodo level at 1134.1 saw Gold extend higher during the course of yesterday’s sessions, breaking through the swap resistance area at 1140.6-1141.9, and aggressively faking above supply at 1148.5-1145.5. As per our previous report (blog.icmarkets.com/tuesday-6th-october-daily-technical-outlook-and-review/), we were looking to short the current supply. Fortunately for us, however, price advanced too quickly for the lower timeframes to paint a tradable sell setup.
The spike above the current supply zone has likely consumed the majority of offers within this region, thus, in our opinion, price could potentially do one of two things today:
1. Continue north targeting resistance drawn from 1156.5, which, as can be seen from the chart, also converges with a weekly swap (resistance) level at 1157.4. Should we see a definitive close above this zone today and a successful retest, there could be a potential long from here as long as lower timeframe buying confirmation is seen. Nevertheless, in buying this market here, you would effectively be entering long into daily supply at 1156.6-1145.5, hence the need for confirmation!
2. A sell-off could take place from current prices using the liquidity (buy stops) just taken out to sell into back down to the recently broken swap resistance (now support) area at 1140.6-1141.9. Although price is currently residing within daily supply mentioned above, we still require lower timeframe confirmation to trade a move south, since the weekly level at 1157.4 may be where higher timeframe traders are targeting at the moment.
Levels to watch/ live orders:
• Buys: Watch for a close above 1148.5-1145.5 and then look to enter on any retest seen at this number (confirmation required)
• Sells: 1148.5-1145.5 [Tentative – confirmation required] (Stop loss: dependent on where one confirms this area).
The spike above the current supply zone has likely consumed the majority of offers within this region, thus, in our opinion, price could potentially do one of two things today:
1. Continue north targeting resistance drawn from 1156.5, which, as can be seen from the chart, also converges with a weekly swap (resistance) level at 1157.4. Should we see a definitive close above this zone today and a successful retest, there could be a potential long from here as long as lower timeframe buying confirmation is seen. Nevertheless, in buying this market here, you would effectively be entering long into daily supply at 1156.6-1145.5, hence the need for confirmation!
2. A sell-off could take place from current prices using the liquidity (buy stops) just taken out to sell into back down to the recently broken swap resistance (now support) area at 1140.6-1141.9. Although price is currently residing within daily supply mentioned above, we still require lower timeframe confirmation to trade a move south, since the weekly level at 1157.4 may be where higher timeframe traders are targeting at the moment.
Levels to watch/ live orders:
• Buys: Watch for a close above 1148.5-1145.5 and then look to enter on any retest seen at this number (confirmation required)
• Sells: 1148.5-1145.5 [Tentative – confirmation required] (Stop loss: dependent on where one confirms this area).
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