ICmarkets

Flat - oncoming higher-timeframe structure is a clear problem!

FX_IDC:XAUUSD   Gold / US-Dollar
During the course of yesterday’s segment, the price of gold             was met with strong selling from H4 supply at 1364.7-1360.9. Following comments from US President Trump regarding the strength of the US dollar             , the currency rallied and thereby forced the yellow metal lower. As you can see on the H4 timeframe, the move saw price marginally whipsaw through a daily broken Quasimodo line at 1344.0 and touch the top edge of a H4 demand base at 1339.2-1342.3.

Despite this recent bout of selling, we do not see much active supply to the left of current price (check it out for yourself – note the wicks stabbing into supply before dropping lower) on the daily timeframe until price hits weekly resistance at 1375.5. The only grumble here, however, is the fact that there is a monthly support seen in play on the US dollar index             at 88.50.

Market direction:

Taking into account how close weekly price came to connecting with weekly resistance at 1375.5, along with possible dollar buying from the USDX monthly support at 88.50, sellers could enter the fray. On the other hand, the price of gold             remains in a strong uptrend at the moment and is currently testing a daily broken Quasimodo line at 1344.0, which are notoriously high-probability levels!

As is evident from the above, neither a long nor short seems attractive at the moment. Irrespective of the direction one selects, oncoming higher-timeframe structure is a clear problem!
DE Deutsch
EN English
EN English (UK)
EN English (IN)
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Startseite Aktien-Screener Devisen Signal-Finder Kryptowährung Signal-Finder Wirtschaftskalender So funktioniert es! Chartmerkmale Hausregeln Moderatoren Webseite & Brokerlösungen Widgets Stock Charting Bibliothek Feature-Anfrage Blog & Nachrichten FAQ - Häufige Fragen & Antworten Hilfe & Wiki Twitter
Profil Profileinstellungen Konto und Abrechnung Meine Support Tickets Support kontaktieren Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden