GOLD: Technical outlook and review...
Looking at Gold’s H4 chart this morning, we can see that strong sellers stepped in from the channel resistance (1097.9 – a noted area in our previous report to look for confirmed shorts) and pummeled this market lower during the early hours of London trade. This dragged price back down into the jaws of demand coming in at 1066.0-1070.4, which, as you can see, is so far holding firm.
Consequent to the above, we still have our eye on the stop orders below this H4 demand. If we think about it logically for a minute, the sell orders below this area (both from traders long this demand and traders looking to trade the break) add up to a nice pool of liquidity for buyers just above this daily swap support, which is where we will be looking for a confirmed long into this market.
The reason, however, for still requiring lower timeframe confirmation at this daily level is simply because price appears very unstable around the weekly Quasimodo support level at 1074.6 right now.
Consequent to the above, we still have our eye on the stop orders below this H4 demand. If we think about it logically for a minute, the sell orders below this area (both from traders long this demand and traders looking to trade the break) add up to a nice pool of liquidity for buyers just above this daily swap support, which is where we will be looking for a confirmed long into this market.
The reason, however, for still requiring lower timeframe confirmation at this daily level is simply because price appears very unstable around the weekly Quasimodo support level at 1074.6 right now.
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