Potential shorts on bullion...
XAU/USD (GOLD):
Spot gold ceded further ground to its US counterpart Wednesday, down 0.45%. Despite clocking a session high at $1319.3, the yellow metal failed to preserve its upside presence, forcing the H4 below its channel support (taken from the low $1280.4).
The break of the current H4 channel support (now likely to offer resistance) has an initial downside target set at $1302.5: the 2018 yearly opening level on the weekly timeframe. Yesterday’s move lower, as you’ll see from the daily timeframe, was bolstered by supply coming in at $1333.1-$1323.4. Note on the daily timeframe, limited support is in view until reaching $1281.0 March 7 low, followed by a support area at $1272.5-$1261.5 and merging trend line support (extended from the low $1160.3).
Areas of consideration:
Ultimately, a retest to the underside of the broken channel support on the H4 as resistance is favoured, targeting the 2018 yearly opening level underlined above on the weekly timeframe at $1302.5. An added bonus would be H4 price chalking up a candlestick signal at the retest, consequently identifying seller intent and also serving as a base to determine entry and risk levels.
Spot gold ceded further ground to its US counterpart Wednesday, down 0.45%. Despite clocking a session high at $1319.3, the yellow metal failed to preserve its upside presence, forcing the H4 below its channel support (taken from the low $1280.4).
The break of the current H4 channel support (now likely to offer resistance) has an initial downside target set at $1302.5: the 2018 yearly opening level on the weekly timeframe. Yesterday’s move lower, as you’ll see from the daily timeframe, was bolstered by supply coming in at $1333.1-$1323.4. Note on the daily timeframe, limited support is in view until reaching $1281.0 March 7 low, followed by a support area at $1272.5-$1261.5 and merging trend line support (extended from the low $1160.3).
Areas of consideration:
Ultimately, a retest to the underside of the broken channel support on the H4 as resistance is favoured, targeting the 2018 yearly opening level underlined above on the weekly timeframe at $1302.5. An added bonus would be H4 price chalking up a candlestick signal at the retest, consequently identifying seller intent and also serving as a base to determine entry and risk levels.
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