ICmarkets

Gold Weekly technical outlook and review.

FX:XAUUSD   Gold/U.S. Dollar
54 0 0
Weekly TF.

The weekly timeframe shows the buyers were in control of the market for five consecutive weeks with each new week forming a higher high; however last week put an end to this run and nearly engulfed three prior weekly candles seeing the market closing at 1310.93.

Daily TF.

The ignored daily decision-point level at 1292.52 was not given enough credit in the original analysis; it has proved to be a fantastic level. Overall gold             saw a lot of movement last week, we could see price had likely consumed the sellers around daily supply at 1318.12-1331.08 which possibly cleared the path north up to daily supply at 1391.97-1366.80. The sellers really then took control and hammered price down to the aforementioned ignored daily decision- point level (level above), and a rally higher followed. Could this level be all that’s needed to push price higher up to daily supply (1391.97-1366.80)?

4hr TF.

Clearly the buyers really liked the daily ignored decision-point level (seen clearer on the daily timeframe ). as price rallied hard from here right up to a 4hr minor S/R flip level at 1323.04, this is where the sellers then took over and pushed price back down to a 4hr S/R flip level at 1304.77.

As we have already seen price consume the majority of sellers around daily supply at 1318.12-1331.08, we naturally expect higher prices. However, we also know price could drop a lot further down to at least daily demand at 1238.41-1254.85 before we hit the daily supply area at 1391.97-1366.80, the reason being this appears to be the origin of the overall move up (check it out on the daily chart ). So with this in mind price will likely decline a little to the ignored decision-point level at 1292.52 where a bullish reaction is expected. Now we are not saying we expect price to shoot from here straight to daily supply at 1391.97-1366.80, what we are saying though is this level has been proved to be valid as the buyers have consumed sellers above the high (marked with a flag) at 1313             .66 so a bounce at the very least should be seen here.

Pending/P.A confirmation orders:

• New pending buy orders (Green line) are seen just above the ignored decision-point level at 1292.52 at 1293.77. A pending buy order is valid here since this level has been proven by the buyers who consumed the sellers around the high marked with a flag at 1313             .66, making this area prime for a reaction when/if price reaches here.
• P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.

• No pending sell orders (Green line) are seen in the current market environment.
• The P.A confirmation sell order (Red line) set just below the S/R flip level (1304.77) at 1303.40 has now been removed, price had rallied too far from the entry level making it invalid.

• Areas to watch for buy orders: P.O: 1293.77 (SL: 1286.75 TP: Dependent on price approach). P.A.C: 1285.71 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

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

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