Weekly Timeframe: The rebound seen the week before last off of the weekly support flip level at 1244.08 extended lower last week pushing price deeper into a weekly demand area coming in at 1156.70-1194.45. This move has very likely put a lot of buyers under pressure who bought within this area, which could result in a lot of traders panicking, and closing their buy positions throughout the week effectively pumping more sell orders into the market (stops from the buyers would be sell orders once filled). A break below this weekly demand area would likely encourage further selling down to 1136.30, a small daily decision-point level. It will be interesting to see what the price action looks like on the lower timeframes around here.
Daily Timeframe: The daily timeframe 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 demand zone 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 daily timeframe 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 daily timeframe 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/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: The daily timeframe 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 demand zone 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 daily timeframe 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 daily timeframe 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/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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