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Gold Rebound Vulnerable Sub $1207- Weekly Opening Range in Focus

Gold Rebound Vulnerable Sub $1207- Weekly Opening Range in Focus

2014-11-24 20:48:00
Michael Boutros, Strategist
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Talking Points

XAU/USD Daily

Gold Rebound Vulnerable Sub $1207- Weekly Opening Range in Focus

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Key resistance confluence at 1206/08- Longs at risk into this region
  • Daily RSI testing resistance trigger- break would be bullish
  • Key support 1177/80- bullish invalidation
  • Resistance breach targets ML ~1230 & 1237
  • Event Risk Ahead:Swiss Referendumand second read forUS 3Q GDP

XAU/USD 2-hour

Gold Rebound Vulnerable Sub $1207- Weekly Opening Range in Focus

Notes:Gold rallied into key resistance on Friday on the back of a surprise rate-cut from the PBOC and a fresh batch of dovish rhetoric from ECB President Mario Draghi. We’ve been on the long side of the trade sincelast Friday’s outside reversal candleand longs sub-1206/08 are now at risk here with a pullback likely off these levels. Note that the monthly opening range clearly broke to the topside last week and we should be looking for a late month high. That said, its late in the month & we’re coming off a pretty big level of resistance.

Bottom line: the trade remains constructive while above median line support off the monthly low with a breach above 1208 needed to keep our bias weighted to the topside. A break sub 1177/80 shifts the near-term outlook back to the short-side of the trade with support eyed at 1151/55 and the monthly lows. A breach of the highs targets into $1230.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

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