Gold: technical outlook and review...

FX:XAUUSD   Gold Spot / U.S. Dollar
201 0 4
From the weekly chart, the yellow metal has clearly taken on a more bearish tone following the rebound from supply at 1307.4-1280.0, which has the potential to force prices down to support chalked up at 1224.1. In-line with weekly flow, daily action also shows room for this unit to continue driving lower today down to demand given at 1224.6-1238.3.

It came as no surprise to us that the H4 demand at 1237.2-1243.9 bounced yesterday since this area sits on top of the aforementioned daily demand zone . For all that though, we do not expect this barrier to hold out long-term as the more attractive zone is sitting below. H4 demand at 1224.6-1230.8 is not only housed within the extremes of the above said daily demand zone , but it is also bolstered by the weekly support level mentioned above at 1224.1. Due to this, we’re expecting this H4 demand area to hold firm and produce a healthy bounce. However, considering that the weekly level sits just beneath the H4 demand, there is a high probability that a fakeout will take place before buyers step in. That being the case, we would only enter within this zone alongside lower timeframe confirmation i.e. a break of supply or a collection of lower timeframe buying tails around a lower timeframe support etc…

Levels to watch/live orders:

• Buys: 1224.6-1230.8 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).
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