Still watching for sells around 1217.3..

FX:XAUUSD   Gold Spot / U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows price has recently dipped below the weekly swap level at 1222.2, which as you can see clearly attracted further selling down to just above a weekly demand area coming in at 1166.8-1195.0.

Daily Timeframe: Yesterday’s action saw price spike below a daily decision-point demand area at 1204.4-1216.5 forming a beautiful buying tail in the process. This move likely stopped out most, if not all of the buyers here, and has likely opened the gates for further downside towards a daily swap level seen at 1182.0 (located relatively deep within the aforementioned weekly demand area).

4hr Timeframe: Following on from our previous report, we believe we can now safely assume that the majority of buyers are consumed around the 4hr demand area at 1204.4-1210.6, as let’s not forget it was located deep within the recently broken daily decision-point demand area (see above). With that, the path south is now likely clear on the 4hr timeframe down to at least the 4hr decision-point demand area coming in at 1186.6-1194.3, which as you can probably see is a key obstacle to a move towards the 1182.0 daily swap level.

The previous analysis stated that we were looking for confirmed shorts around 1217.3, and this is still the case, but now, since price has traded very close to weekly demand (see above), one needs to be extra careful selling here. The reason we still believe a sell opportunity is present at 1217.3 is simply because the 4hr decision-point demand area at 1186.6-1194.3 represents the upper limit of the weekly demand area which has yet to be hit.

So, to summarize, we are still going to be watching 1217.3 for sells today, and targeting the aforementioned 4hr decision-point demand area as per the green arrows.

Current buy/sell orders:

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

• Sell orders: 1217.3 (Predicative stop-loss orders seen at: dependent on where one confirms this level).

pl tell me about next week
by the way , i am trading on same broker as you are . its really low spread . only 30 pips .
cheers M8
I am totally agree with you . I'm heading to same target .
+1 Reply
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