Daily Timeframe: The clearly reveals that very little buying was seen last week, as the sellers aggressively pushed price south past two major technical support barriers (1182.01/1186.83). With that being said, a little buying interest appeared to come into the market just before the close (1170.95), around a fresh daily demand area (1156.70-1166.05) seen deep within the weekly mentioned above at 1156.70-1194.45.
4hr Timeframe: Unfortunately we are unable to see what the price action on the 4hr timeframe looks like in the past, due to not having enough historical data. However, we know from the that price is currently trading around a daily demand area (1156.70-1166.05) at the moment, so we can work from there. Friday’s trading action saw price smash straight through a major 4hr support flip level (seen also on the too) at 1180.15. If the buyers can overcome the selling opposition located around this level, we may have a potential buying opportunity targeting the 4hr supply area seen above at 1202.61-1195.82, but until that happens, we are forced to remain flat on gold for the time being.
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).