Gold update...

2015年7月17日

For those who read our previous report on Gold, you may recall us mentioning to watch for price to fakeout below Wednesday’s low 1143.2 into a 4hr support level at 1142.2. This, as you can see, played out perfectly. It was just a bummer that we could not find any suitable lower timeframe price confirmation to take advantage of this move! However, all may not be lost here! Following the fakeout, price stabbed north (black arrow – 1147.7) and likely consumed a ton of supply along the way, thus potentially clearing the path north up to the 4hr swap level seen at 1149.6.

This – coupled with the fact that price is not only still lingering just within higher timeframe demand (weekly: 1142.5-1167.3/daily: 1142.5-1154.5), but as you can probably see is also trading at a Harmonic AB=CD support at 1142.6, may tempt buying in this market today.

The level we have our eye on currently for a long trade is 1143.2. The recent fakeout below this level likely interested a lot of well-funded traders, thus unfilled buy orders could still be lurking around this number. As such, once, or indeed if price reaches this hurdle today, we may, if lower timeframe price structure remains strong, take an intraday long position from here, targeting 1149.6 to end the week.

Levels to watch/ live orders:

• Buys: 1143.2 Tentative – confirmation required (Stop loss: dependent on where one confirms this level).
• Sells: Flat (Stop loss: N/A).