Our take on Gold...
Weekly timeframe perspective: Clear buying interest came into the market last week from just above a weekly decision-point demand level at 1136.3. Consequent to this, as you can probably see, price formed quite a nice-looking weekly bullish engulfing pattern. Let’s take a look at what the lower timeframes think…
Daly timeframe perspective: The daily timeframe on the other hand, shows that Friday saw price close above a major daily swap level at 1182.0, and, as far as we can see, has slightly rebounded from just below a daily swap (resistance) level at 1188.3. If the buyers can hold out above 1182.0, and take out 1188.3, it is very possible we’ll see Gold rally towards a daily supply area seen at 1223.1-1213.0.
4hr timeframe perspective: Given that the weekly chart indicates there’s room for further upside, and the daily chart shows price recently closed above a major daily swap level (see above); our team is currently swaying more to the long side at the moment.
However, for us to even consider buying Gold, the buyers will need to prove their selves by closing above 1188.3. This, in our opinion, would do two things for us (as per the green arrows):
1. Give us the chance to trade any retest seen of 1188.3.
2. Clear the path north up to at least 4hr supply coming in at 1200.5-1196.4, and potentially the 1205.8 4hr Quasimodo resistance level given enough time.
Taking all into consideration, opting to stand on the sidelines here until more conducive price action is seen may be the best path to take.
Daly timeframe perspective: The daily timeframe on the other hand, shows that Friday saw price close above a major daily swap level at 1182.0, and, as far as we can see, has slightly rebounded from just below a daily swap (resistance) level at 1188.3. If the buyers can hold out above 1182.0, and take out 1188.3, it is very possible we’ll see Gold rally towards a daily supply area seen at 1223.1-1213.0.
4hr timeframe perspective: Given that the weekly chart indicates there’s room for further upside, and the daily chart shows price recently closed above a major daily swap level (see above); our team is currently swaying more to the long side at the moment.
However, for us to even consider buying Gold, the buyers will need to prove their selves by closing above 1188.3. This, in our opinion, would do two things for us (as per the green arrows):
1. Give us the chance to trade any retest seen of 1188.3.
2. Clear the path north up to at least 4hr supply coming in at 1200.5-1196.4, and potentially the 1205.8 4hr Quasimodo resistance level given enough time.
Taking all into consideration, opting to stand on the sidelines here until more conducive price action is seen may be the best path to take.
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