Thoughts on gold this morning...
Working our way from the top of the charts this morning, it is clear to see that stops below the weekly support area at 1251.7-1269.3 (now acting resistance area) are highly likely consumed. By and of itself, this may have unlocked the door for the sellers to probe as far south as the weekly support line coming in at 1214.4.
However, before this can be accomplished one has to take into account where daily price is trading. Amid Tuesday’s segment, the precious metal crossed paths with a daily AB=CD 161.8% Fib ext. point at 1238.9 and formed a reasonably respectable daily buying tail. Further buying from this point could bid price up to the underside of a daily resistance area fixed at 1251.7-1265.2.
Resistance on the H4 timeframe at 1243.6 is, as you can see, currently holding ground. How long this will last, however, is anybody’s guess given the room daily buyers have to push higher at the moment. A move to the downside from the current resistance would likely bring in the H4 support level at 1235.9, which came within striking distance during yesterday’s movement.
Direction:
• Long: With a H4 resistance in play and weekly price portending further selling, buying the daily AB=CD ext. point may not be the best path to take. The most we see a long trade offering is the underside of the aforementioned daily resistance area.
• Short: A sell beyond the aforementioned H4 support on the other hand could be something to consider. A decisive H4 close lower, followed up with a retest and a reasonably sized H4 bear candle would, as far as we can see, attract fresh buyers, targeting H4 support at 1228.1, followed closely by the top edge of a daily demand at 1224.4.
Areas worthy of attention:
Supports: 1235.9; 1214.4; 1216.7-1224.4; 1228.1.
Resistances: 1243.6; 1251.7-1265.2.
However, before this can be accomplished one has to take into account where daily price is trading. Amid Tuesday’s segment, the precious metal crossed paths with a daily AB=CD 161.8% Fib ext. point at 1238.9 and formed a reasonably respectable daily buying tail. Further buying from this point could bid price up to the underside of a daily resistance area fixed at 1251.7-1265.2.
Resistance on the H4 timeframe at 1243.6 is, as you can see, currently holding ground. How long this will last, however, is anybody’s guess given the room daily buyers have to push higher at the moment. A move to the downside from the current resistance would likely bring in the H4 support level at 1235.9, which came within striking distance during yesterday’s movement.
Direction:
• Long: With a H4 resistance in play and weekly price portending further selling, buying the daily AB=CD ext. point may not be the best path to take. The most we see a long trade offering is the underside of the aforementioned daily resistance area.
• Short: A sell beyond the aforementioned H4 support on the other hand could be something to consider. A decisive H4 close lower, followed up with a retest and a reasonably sized H4 bear candle would, as far as we can see, attract fresh buyers, targeting H4 support at 1228.1, followed closely by the top edge of a daily demand at 1224.4.
Areas worthy of attention:
Supports: 1235.9; 1214.4; 1216.7-1224.4; 1228.1.
Resistances: 1243.6; 1251.7-1265.2.
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