ICmarkets

Gold: Technical outlook and review.

FX:XAUUSD   Gold/U.S. Dollar
176 0 1
Weekly Timeframe: The rebound from the weekly support flip level at 1244.08 appears to be extending lower at the moment. Assuming this selling continues, there is a possibility that price could trade back down towards a weekly demand area coming in at 1156.70-1195.45.

Daily Timeframe: The daily timeframe shows that price has retested the 1235.54 level as resistance, which may be all the sellers need to fuel a further decline. The path south appears to be relatively clear down to around the 1206.49 level, since most of the demand to the left of current price has already likely been consumed by the two buying tails seen at 1221.78/1217.25. Let’s see what the 4hr timeframe has to say.

4hr Timeframe: The 4hr timeframe shows that price still remains consolidating between a 4hr demand area at 1221.78-1227.37, and a 4hr supply area seen at 1235.99-1232.15 (located around the 1235.54 daily level). Ideally what we want to see is price close below the 4hr demand area, as this will likely encourage follow-through selling down to 1204.66, a 4hr support flip level, which coincidentally lines up nicely with the daily level seen at 1206.49. The reason we believe price can drop so far is simply because there is very little demand that we can see that has not already been consumed (green trendline).

Therefore, until either the 4hr demand area or the 4hr supply area is consumed, we have no clear direction in our opinion, and as a result we have chosen to stay flat on gold             for the time being.

Buy/sell levels:

• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

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