Long from 1313.7...

FX:XAUUSD   Gold / US-Dollar
253 0
Going into the early hours of yesterday morning the yellow metal aggressively tumbled lower, consequently breaking below the H4 pennant edge (1328.0) and eventually reaching lows of 1312.4 by the day’s end. This, as is shown on the H4 chart, took out H4 demand at 1312.6-1318.5 and came within touching distance of colliding with H4 support at 1310.3.

In light of this H4 support positioned deep within the current daily demand area at 1305.3-1322.8, and also set just above a weekly support base at 1307.4-1280.0, the pendulum looks to be swinging towards more of a rally at the moment. All of this coupled with a H4 AB=CD approach extended from the high 1347.0, makes for an awesome area to consider buying gold from today. The other key thing we wish to note is regarding stops. We feel that this H4 support level is confluent enough to justify entering at market. Given that weekly action shows room to move a tad lower today to touch gloves with the top-side of the weekly support area , stops would be safest set below the low marked with a green arrow at 1305.3. In regard to taking profit, we’d look to reduce risk and close out 50% of our position around the 1320.0 region, followed by the 1330.0 mark.

Levels to watch/live orders:

• Buys: 1313.7 LIVE (Stop loss: 1304.0).
• Sells: Flat (Stop loss: N/A).

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