Once again eyeing the 1265.4/1269.9 for potential longs.
The yellow metal aggressively sold off from H4 resistance at 1288.7 going into the early hours of yesterday’s US segment. As you can see, this forced H4 price back into the H4 range shaded in yellow at 1282.5/1265.4, and also below October’s opening level at 1279.1.
The H4 resistance mentioned above at 1288.7 is proving a troublesome area to breach, considering that weekly price is trading from demand at 1251.7-1269.3. Given the position of the weekly candles, selling beneath October’s opening level is chancy, in our humble view.
Suggestions: In light of the points made above, our attention is once again drawn to the green H4 buy zone comprised of the following components:
• The lower edge of the current H4 range at 1265.4.
• H4 Quasimodo support at 1267.6.
• August and September’s opening levels seen at 1269.3/1269.9.
Let’s also not forget that the green base is supported by the aforementioned weekly demand.
Having seen H4 price already tap this zone, however, buy orders may be weak. Therefore, should you be interested in buying from this base, we would strongly advise waiting for at least a H4 bullish rotation candle to form (a full or near-full-bodied candle) before hitting the buy button. This will help avoid an unnecessary loss, as weekly price could just as easily drive into the current weekly demand and test the weekly channel support extended from the low 1122.8.
Levels to watch/live orders:
• Buys: 1265.4/1269.9 (waiting for a reasonably sized H4 bullish candle to form – preferably a full or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s tail).
• Sells: Flat (stop loss: N/A).
The H4 resistance mentioned above at 1288.7 is proving a troublesome area to breach, considering that weekly price is trading from demand at 1251.7-1269.3. Given the position of the weekly candles, selling beneath October’s opening level is chancy, in our humble view.
Suggestions: In light of the points made above, our attention is once again drawn to the green H4 buy zone comprised of the following components:
• The lower edge of the current H4 range at 1265.4.
• H4 Quasimodo support at 1267.6.
• August and September’s opening levels seen at 1269.3/1269.9.
Let’s also not forget that the green base is supported by the aforementioned weekly demand.
Having seen H4 price already tap this zone, however, buy orders may be weak. Therefore, should you be interested in buying from this base, we would strongly advise waiting for at least a H4 bullish rotation candle to form (a full or near-full-bodied candle) before hitting the buy button. This will help avoid an unnecessary loss, as weekly price could just as easily drive into the current weekly demand and test the weekly channel support extended from the low 1122.8.
Levels to watch/live orders:
• Buys: 1265.4/1269.9 (waiting for a reasonably sized H4 bullish candle to form – preferably a full or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s tail).
• Sells: Flat (stop loss: N/A).
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