XAUUSD ready for longs???
Demand for the safe-haven yellow metal was somewhat weak on Monday, despite both European and US stock markets plunging lower on Trump’s trade policies.
Ignoring the fundamentals for a moment, though, the technical picture appears to be setting up for an advance.
Starting from the top, bullion is seen hovering within striking distance of a notable weekly Quasimodo support at 1260.8. A closer look at price action on the daily timeframe shows the daily candles trading nearby a recently completed AB=CD formation (black arrows) at 1265.6, planted just ahead of the aforementioned weekly Quasimodo barrier.
Over on the H4 timeframe, we still have little to shout about in terms of market structure on this timeframe as focus remains on the weekly Quasimodo support at the moment. What we do see, nevertheless, is December’s opening level at 1274.8 as a viable upside target, which, as you can see, was respected as resistance last week.
Areas of consideration:
Ultimately, what we’re looking for is a test of the noted weekly Quasimodo support (pink arrows) that’s bolstered by H4 price action: a full or near-full-bodied bull candle. This – coupled with the daily AB=CD formation in play – would, in our view, be considered a high-probability trade long, targeting December’s opening level mentioned above at 1274.8 as the initial take-profit zone.
Ignoring the fundamentals for a moment, though, the technical picture appears to be setting up for an advance.
Starting from the top, bullion is seen hovering within striking distance of a notable weekly Quasimodo support at 1260.8. A closer look at price action on the daily timeframe shows the daily candles trading nearby a recently completed AB=CD formation (black arrows) at 1265.6, planted just ahead of the aforementioned weekly Quasimodo barrier.
Over on the H4 timeframe, we still have little to shout about in terms of market structure on this timeframe as focus remains on the weekly Quasimodo support at the moment. What we do see, nevertheless, is December’s opening level at 1274.8 as a viable upside target, which, as you can see, was respected as resistance last week.
Areas of consideration:
Ultimately, what we’re looking for is a test of the noted weekly Quasimodo support (pink arrows) that’s bolstered by H4 price action: a full or near-full-bodied bull candle. This – coupled with the daily AB=CD formation in play – would, in our view, be considered a high-probability trade long, targeting December’s opening level mentioned above at 1274.8 as the initial take-profit zone.
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