1302.5 in view as potential support, traders...
Using a top-down approach this morning, traders will likely acknowledge weekly movement struggled to generate much follow-through action to the upside after tunnelling above the 2018 yearly opening level at 1302.5. The yellow metal is seen hovering just north of this level which could act as potential support going forward.
The story on the daily timeframe, however, reveals we have support in play around the 1303.6 region (a Quasimodo resistance-turned support), following a modest rejection out of supply coming in at 1332.6-1322.3. Beyond the current support, it may be an idea to note the channel resistance-turned support (extended from the high 1214.3) as the next downside target in the event we push lower.
Things over on the H4 timeframe point to a resurgence of bidding. Supply, marked in yellow around 1316.9/1311.7, suffered a breach to the upside amid the early hours of US trade Wednesday, possibly unlocking the door towards resistance at 1325.4. Note this level is planted within the walls of the aforementioned daily supply. On the H4 timeframe, the current weekly support has been applied, which, as you can see, is positioned close by a 50.0% support value at 1301.5.
Areas of consideration:
All three timeframes point to a possible upside move today/this week from the weekly support mentioned above at 1302.5. Should the H4 candles connect with the support level and chalk up some form of additional confirmation (this can be anything from a simple H4 bullish candlestick pattern to drilling down to the lower timeframes and trading more complex local structure), a long in this market is high probability, targeting the H4 supply zone as an initial upside point, followed then by the underside of daily supply at 1322.3.
The story on the daily timeframe, however, reveals we have support in play around the 1303.6 region (a Quasimodo resistance-turned support), following a modest rejection out of supply coming in at 1332.6-1322.3. Beyond the current support, it may be an idea to note the channel resistance-turned support (extended from the high 1214.3) as the next downside target in the event we push lower.
Things over on the H4 timeframe point to a resurgence of bidding. Supply, marked in yellow around 1316.9/1311.7, suffered a breach to the upside amid the early hours of US trade Wednesday, possibly unlocking the door towards resistance at 1325.4. Note this level is planted within the walls of the aforementioned daily supply. On the H4 timeframe, the current weekly support has been applied, which, as you can see, is positioned close by a 50.0% support value at 1301.5.
Areas of consideration:
All three timeframes point to a possible upside move today/this week from the weekly support mentioned above at 1302.5. Should the H4 candles connect with the support level and chalk up some form of additional confirmation (this can be anything from a simple H4 bullish candlestick pattern to drilling down to the lower timeframes and trading more complex local structure), a long in this market is high probability, targeting the H4 supply zone as an initial upside point, followed then by the underside of daily supply at 1322.3.
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