Bearish vibe seen on gold...
As is evident from the H4 timeframe this morning, price action retested July’s opening level at 1251.8 as support and held ground on Thursday. This was a noted level to look for longs from, but only if the unit printed a full or near-full-bodied H4 bull candle, which it didn’t. A second retest – a third if you include the initial pullback after the break higher – is a chancy move, in our opinion, even with a H4 confirming candle. Overhead, however, it is still worth noting the H4 supply zone at 1270.6-1264.2. What we like about this area is it houses a 38.2% H4 Fib resistance value at 1265.0, and is encapsulated within daily supply at 1272.5-1264.6.
Over on the weekly timeframe, bullion tested the underside of a broken weekly Quasimodo support at 1260.8 (now marked as resistance) in recent trade, likely to weigh on buyers. Further to this, daily candles are seen approaching daily supply mentioned above at 1272.5-1264.6.
Areas of consideration:
According to our read above, there is a somewhat bearish vibe in this market right now. As such, we have two potential scenarios to keep eyeballs on this morning:
• Watch for H4 price to close beneath July’s opening level at 1251.8 and look to play the retest. Waiting for a H4 bearish candle (preferably full or near-full-bodied) to form to confirm the retest is an option, targeting daily support at 1243.9/H4 Quasimodo support at 1243.2.
• Potential shorting opportunities out of the H4 supply zone mentioned above at 1270.6-1264.2. In light of the confluence involved with this zone, trading this area without additional candle confirmation is possible – stops placed above the top edge at 1270.6.
As a reminder, though, traders, we have the mighty NFP report scheduled for release later on today, which could overshadow the technicals!
Over on the weekly timeframe, bullion tested the underside of a broken weekly Quasimodo support at 1260.8 (now marked as resistance) in recent trade, likely to weigh on buyers. Further to this, daily candles are seen approaching daily supply mentioned above at 1272.5-1264.6.
Areas of consideration:
According to our read above, there is a somewhat bearish vibe in this market right now. As such, we have two potential scenarios to keep eyeballs on this morning:
• Watch for H4 price to close beneath July’s opening level at 1251.8 and look to play the retest. Waiting for a H4 bearish candle (preferably full or near-full-bodied) to form to confirm the retest is an option, targeting daily support at 1243.9/H4 Quasimodo support at 1243.2.
• Potential shorting opportunities out of the H4 supply zone mentioned above at 1270.6-1264.2. In light of the confluence involved with this zone, trading this area without additional candle confirmation is possible – stops placed above the top edge at 1270.6.
As a reminder, though, traders, we have the mighty NFP report scheduled for release later on today, which could overshadow the technicals!
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