ICmarkets

GOLD: Technical outlook and review.

FX:XAUUSD   Gold/U.S. Dollar
262 0 2
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price still remains capped between weekly supply at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.08. A little buying pressure is now being seen from around the weekly low 1280.06.
• Daily timeframe: Price once again could not make it down to the major daily S/R flip level at 1277.36 before serious buying pressure came into the market, which at the time of writing appears to be pushing price up to around the daily decision-point level at 1307.13.

Price has now well and truly consumed most, if not all of the sellers sitting around the high marked with a green flag at 1297.20, what a shame price did not initially trade above the aforementioned high (marked with a circle – 1296.91), we would have been in that trade long if it did!!!

All is not lost though; we could still get a long entry if price does indeed trade back to this area. Price is seen pushing hard north at the moment and at the time of writing seems to be reacting off of a 4hr S/R flip level at 1304.77. We, however are watching the area of 4hr supply above it at 1312             .07-1308.84, as if we look closely, we can see price actually faked out above a high (immediate left at 1309.12), formed a small supply base, then dropped with great-looking momentum , retail money does not have the funds to do this, pro money does, hence there may well be unfilled sell orders left there, making this an area of interest to us, and as an added bonus this 4hr supply area is sitting smack bang in the middle of a daily decision-point level at 1307.13.

Pending/P.A confirmation orders:

• 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.
• New pending buy orders (Green line) are seen just above the 4hr S/D flip area (1284.77-1280.53) at 1285.71. We have set a pending buy order here since the buyers have proved this to be an area of interest (they traded above the high marked with a green flag at 1297.20), so for the time being we are now awaiting a return back to this area where our pending buy order will likely be filled in the process.
• The P.A confirmation buy order (Red line) set just above the S/D flip area (1284.77-1280.53) at 1285.71 has now been removed since the buyers did their job and consumed most, if not all of the sellers sitting around the high marked with a green flag at 1297.20, thus allowing us to set a pending buy order awaiting a possible return to this area.

• New pending sell orders (Green line) are seen just below a 4hr supply area ( 1312             .07-1308.84) at 1307.61. The reasoning behind setting a pending sell order here is simply because this area likely holds unfilled sell orders since if we look closely, we can see price actually faked out above high (immediate left at 1309.12) , formed a small 4hr supply base, then dropped with great-looking momentum , retail money does not have the funds to do this, pro money does, hence there may well be unfilled sell orders left there..
• No P.A confirmation sell orders (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) 1285.71 (SL: 1278.53 (TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen in the current market environment.

• Areas to watch for sell orders: P.O: 1307.61 (SL: 1313             .23 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders seen in the current market environment.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out