ICmarkets

Gold: Technical outlook and review.

FX:XAUUSD   Gold / U.S. Dollar
252 2 2
Weekly Timeframe: Last week’s trading action shows that price pushed above a weekly supply area at 1296.3-1269.3. This in turn leaves the weekly supply area seen at 1391.9-1328.0 clearly in the limelight for the time being.

Daily Timeframe: Yesterday’s sessions saw price react beautifully from a daily decision-point demand area coming in at 1271.9-1281.3. As long as the buyers can hold out above this area, we see very little reason why prices will not go on to attack the daily supply area seen at 1319.2-1308.6 lurking just above.

4hr Timeframe: The 4hr timeframe shows that price rebounded strongly from within a 4hr demand area seen at 1271.9-1277.1 (located within the aforementioned daily decision-point demand area), and as a result pushed prices northbound towards a small 4hr supply area coming in at 1299.0-1294.8.

So that we’re all on the same page here, let’s quickly do a recap. The weekly chart currently shows direction north, while the daily chart indicates bullish strength is in the market as price reacted heavily from a daily decision-point demand area (for levels see above). So, where does this leave the 4hr timeframe? Well, buying now would potentially cause unnecessary drawdown, and not to mention stress as we would effectively be buying into the aforementioned 4hr supply. Just to be clear here, our bias is indeed firmly long, however buying right now may not be the best path to take.

The recent drive into 4hr supply has likely consumed sellers (red arrow), and thus weakened this zone. The selling pressure from here may be enough to drive prices back down to the aforementioned 4hr demand area, where at which point we’d begin watching the lower timeframes for buying confirmation around the 1278.5 mark, and be looking to target 1305.20, the 4hr swap level seen just above the small 4hr supply area just mentioned, as per the green arrows.

Current buy/sell levels:

• Buy orders: 1278.5 (Predicative stop-loss orders seen at: 1270.43).

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

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