ICmarkets

GOLD WEEKLY TECHNICAL OUTLOOK AND REVIEW.

FX:XAUUSD   Gold/U.S. Dollar
49 0 0
Weekly TF.

The weekly timeframe shows the buyers were in control for most of the week as price once again made a new weekly high at 1344.91.

Daily TF.

It is very clear that price is continuing higher as the daily supply area at 1318.12-1331.08 has been well and truly consumed now. Price is more or less free to hit the daily supply area above at 1391.97-1366.80, but we must remember price will rarely just shoot straight there no matter how much we want It to! A bearish retracement will likely follow which could see prices testing as low as the daily demand level below at 1238.41-1254.85 before we see a touch of the aforementioned daily supply area above.

4hr TF.

Unfortunately, price has not changed much since the last analysis, so our original analysis still holds very true:

Price has seen a strong advance possibly consuming the majority of the sellers in and around 4hr supply at 1342.30-1335.74. Logically speaking, price is now free to hit the above 4hr supply at 1363.99-1350.62, however before it does that, price could very well drop to 4hr demand below at 1307.58-1315.67.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above demand (1307.58-1315.67) at 1316.64. A pending buy order was set here purely because of the fact this was the origin of the rally up into supply at 1342.30-1335.74, and when price returns to the origin a reaction is normally seen.
• P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.

• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment

• Areas to watch for buy orders: P.O: 1316.64 (SL: 1306.01 TP: Dependent on price action approach). P.A.C: 1285.71 (SL: (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: There are currently no pending sell orders seen in the current market environment. P.A.C: There are currently no P.A confirmation sell orders seen in the current market environment.
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