Selling from H4 supply at 1364.7-1360.9, anyone?

FX_IDC:XAUUSD   黃金 / 美元
With the dollar continuing to press lower, gold prices remain in a bullish stance. Up over 1% on Wednesday, the move brought weekly price into within close distance of a weekly resistance base at 1375.5. This level has a history dating back to as far as early 2014, so be prepared for sellers to make an appearance!

Following the break of the daily Quasimodo resistance at 1344.3, we do not see much active supply to the left of current price (check it out for yourself – note the wicks stabbing into supply before dropping lower). As a result, this leaves the noted weekly resistance as the next upside target on this scale.

H4 price recently crossed above 1357.5 (Sep 8 2017 high) and entered into the jaws of a H4 supply formed back on the 4/8/16 at 1364.7-1360.9. This is the only remaining fresh H4 supply we see until the aforesaid weekly resistance.

Market direction:

Given that both weekly and daily price indicates further buying could be on the cards, selling from the H4 supply zone noted above at 1364.7-1360.9 may not be the best path to take. Should the H4 candles close beneath nearby H4 support at 1357.5, on the other hand, this could be interpreted as a bearish play to move price back down to the daily broken Quasimodo line at 1344.0. Therefore a break below 1357.5 and retest is something we’ll be keeping an eye on today.

Areas worthy of attention:

Supports: 1357.5; 1344.3.
Resistances: 1364.7-1360.9; 1375.5.

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