Attractive price action seen on gold...
It’s reasonably easy to see who’s been in control on the weekly timeframe over the past few weeks. Since tapping the area comprised of two weekly Fibonacci extensions 161.8/127.2% at 1313.7/1285.2 taken from the low 1188.1 (green zone), the bears have, albeit apart from one week, put on a rather dominant performance. The next downside target in the firing range can be seen at 1194.8-1229.1: a demand zone.
On the other side of the field, however, the daily candles remain trading around a resistance area at 1247.7-1258.8. Yet, before the bears get too excited, the next area of concern can be seen nearby in the form of a channel support extended from the low 1180.4 that intersects with the said weekly demand base.
Yesterday’s action on the H4 timeframe shows that price drove below April’s opening level at 1248.0 and has remained there since. In recent hours, nonetheless, the metal has been seen trading within a few pips of this line and will eventually test this barrier’s strength we believe. Shorting from here is not something we are interested in, since a far more appealing area exists above in green between 1261.4/1258.1.
Our suggestions: Comprised of the following structures, 1261.4/1258.1 is a reasonably strong area for shorts, which could eventually bring the unit all the way down to the top edge of weekly demand at 1229.1:
• H4 resistance at 1259.1.
• Two H4 trendline resistances taken from lows of 1245.9/1252.9.
• H4 50.0% retracement value at 1258.1 taken from the high 1281.1.
• H4 AB=CD (black arrows) 127.2% ext. at 1260.4.
• Located within the upper limits of a daily resistance area at 1247.7-1258.8.
On the other side of the field, however, the daily candles remain trading around a resistance area at 1247.7-1258.8. Yet, before the bears get too excited, the next area of concern can be seen nearby in the form of a channel support extended from the low 1180.4 that intersects with the said weekly demand base.
Yesterday’s action on the H4 timeframe shows that price drove below April’s opening level at 1248.0 and has remained there since. In recent hours, nonetheless, the metal has been seen trading within a few pips of this line and will eventually test this barrier’s strength we believe. Shorting from here is not something we are interested in, since a far more appealing area exists above in green between 1261.4/1258.1.
Our suggestions: Comprised of the following structures, 1261.4/1258.1 is a reasonably strong area for shorts, which could eventually bring the unit all the way down to the top edge of weekly demand at 1229.1:
• H4 resistance at 1259.1.
• Two H4 trendline resistances taken from lows of 1245.9/1252.9.
• H4 50.0% retracement value at 1258.1 taken from the high 1281.1.
• H4 AB=CD (black arrows) 127.2% ext. at 1260.4.
• Located within the upper limits of a daily resistance area at 1247.7-1258.8.
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