Looking to short gold at 1332.8
Going into this morning’s open, we can see the yellow metal is extremely well-bid. Consequent to this, price is currently approaching the daily Quasimodo resistance band at 1333.4, which, in our book, is a very interesting level for the following reasons:
• Weekly bears also testing a weekly Quasimodo resistance at 1331.0.
• H4 61.8% Fib resistance line at 1337.9 sits just above the daily Quasimodo line.
• A H4 resistance level at 1339.9 seen above the aforementioned H4 Fib level.
• H4 AB=CD approach which tops out at 1335.8.
The green box on the H4 chart is, as far as we can see, a very high-probability reversal zone since it shows a strong band of confluence! Therefore, we will be looking to short this unit at 1332.8 with a stop-loss order placed above at 1341.1. The first take-profit target will depend on how the H4 approaches as we usually look to take partial profits at the first area of demand.
• Weekly bears also testing a weekly Quasimodo resistance at 1331.0.
• H4 61.8% Fib resistance line at 1337.9 sits just above the daily Quasimodo line.
• A H4 resistance level at 1339.9 seen above the aforementioned H4 Fib level.
• H4 AB=CD approach which tops out at 1335.8.
The green box on the H4 chart is, as far as we can see, a very high-probability reversal zone since it shows a strong band of confluence! Therefore, we will be looking to short this unit at 1332.8 with a stop-loss order placed above at 1341.1. The first take-profit target will depend on how the H4 approaches as we usually look to take partial profits at the first area of demand.
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