Well done to anyone currently long on Gold! Time for shorts??
For those who read our previous report on our favorite yellow metal blog.icmarkets.com/wednesday-12th-august-daily-technical-outlook-and-review/ you may recall that we mentioned that there may be a long opportunity boiling up on the retest of the 4hr supply – turned demand at 1105.6-1099.2, targeting the 4hr supply zone at 1134.5-1128.9. As you can see, this has played out as expected. Well done to any of our readers who are currently logged in on this long position!
Once, or indeed if price reaches target today, this would not only be a cool place to close any longs that you may have, but it would also be an excellent opportunity to begin hunting shorts, since let’s not forget that this area is located around a clear weekly (swap) resistance level at 1130.1.
We definitely expect some tricks to be played around this 4hr supply area in the form of some very nasty fakeouts, as such, we would advise only entering short if you spot lower timeframe sellers gaining strength i.e. a demand area engulfed, a trendline break/retest, or even simply a bearish pin bar with space to move south…
Levels to watch/ live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1134.5-1128.9 Tentative – confirmation required (Stop loss: dependent on where one finds confirmation in this area).
Once, or indeed if price reaches target today, this would not only be a cool place to close any longs that you may have, but it would also be an excellent opportunity to begin hunting shorts, since let’s not forget that this area is located around a clear weekly (swap) resistance level at 1130.1.
We definitely expect some tricks to be played around this 4hr supply area in the form of some very nasty fakeouts, as such, we would advise only entering short if you spot lower timeframe sellers gaining strength i.e. a demand area engulfed, a trendline break/retest, or even simply a bearish pin bar with space to move south…
Levels to watch/ live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1134.5-1128.9 Tentative – confirmation required (Stop loss: dependent on where one finds confirmation in this area).
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.
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