Possible selling opportunity...
Despite the price of gold trading a tad above a weekly resistance level at 1337.3 at the moment, the H4 and daily price is seen trading at a very interesting point!
On the H4 timeframe, the yellow metal is currently working the underside of a H4 AB=CD 127.2% Fib ext. point at 1342.0. Interestingly, this level is positioned nearby a daily Quasimodo resistance level at 1344.3.
Market direction:
The 1344.3/1342.0 area is a high-probability reversal zone, in our view. Further downside from this angle could see the yellow metal trading as far south as H4 support logged at 1325.9, which happens to be located within a daily support area at 1334.3-1323.3.
On the H4 timeframe, the yellow metal is currently working the underside of a H4 AB=CD 127.2% Fib ext. point at 1342.0. Interestingly, this level is positioned nearby a daily Quasimodo resistance level at 1344.3.
Market direction:
The 1344.3/1342.0 area is a high-probability reversal zone, in our view. Further downside from this angle could see the yellow metal trading as far south as H4 support logged at 1325.9, which happens to be located within a daily support area at 1334.3-1323.3.
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