The gold is quickly recovering after a drop to Monthly L5 level during this holiday trading mode. Christmas trading and pre-New Year price action is a bit slow. Banks are off, traders are off work, so be careful if you still want to test you luck against low liquidity.
Technical perspective on Gold looks twofold. This could be a range play between POC (s) and POC (b). 1277.90-1284.50 is the zone where the price might reject – POC (s). POC (b) 1261.78-1265 is the zone where the price might bounce. As the low liquidity persists, you need to pay attention to all important levels in-between and cut on any targets you might want to take. If the price rejects from the POC (s) watch out for round numbers and important confluence points of fib and camarilla levels (green highlight).
- H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
- W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
- D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
- D L3 – Daily Camarilla Pivot (Daily Support)
- D L4 – Daily H4 Camarilla (Very Strong Daily Support)
- PPR – Progressive Polynomial Channel
- POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
