ICmarkets

GOLD: Technical outlook and review.

FX:XAUUSD   Gold/U.S. Dollar
142 0 2
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: Price still remains trading between the weekly supply area above at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.04 with no attempt of a breakout yet to be seen.

• Daily TF: Last week saw some serious selling going on with the only notable buying interest being seen on Friday, as price hit a major daily S/R flip level at 1277.36. Just below this level is a beautiful-looking daily decision-point area at 1258.40-1270.30, so do be prepared for the possibility that pro money may fake below the major S/R flip level into this daily decision-point area, as this area likely contains unfilled buy orders. For the time being however, price remains capped between the daily decision-point level above at 1318.96, and the aforementioned major daily S/R flip level below.

For the time being, price seems to be confined within a small trading range (1282.91-1272.72), which is where a decision needs to be made either to breakout north or south.

Technically, not much has changed on this pair for the time being, and as a result, the last analysis still remains valid. If we see a breakout south, there is very little to the left stopping price from dropping lower in our opinion to around the 4hr demand area at 1258.40-1264.53.

(Snippet from the last analysis) However, we have to consider if pro money have the orders (liquidity) to push prices this low, and at the moment it appears to be no. The next area of logical 4hr supply (where active sell orders are likely sitting) is seen way up at 1319.28-1314.48, and this is likely where pro money would like to bring price before lower prices are seen. The area in the red circle may have some unfilled sell orders lurking within, but from what we can, see the wicks marked with arrows seem to have consumed most of the sellers.

So, unless pro money does already have the liquidity, and the 4hr demand area just mentioned sees a touch soon, it is a waiting game for us.

Pending/P.A confirmation levels:

• Pending buy orders (Green line) are seen just above 4hr demand (1258.40-1264.53) at 1266.09. The reason a pending buy order has been set here, is because this area in our opinion remains the overall origin of a big rally to the upside, likely meaning there are a lot of unfilled buy orders siting in and around this area.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1266.09 (SL: 1256.40 TP: Dependent on price approach) P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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