ICmarkets

Gold Technical outlook and review

FX:XAUUSD   Gold/U.S. Dollar
251 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• The weekly timeframe shows the sellers are beginning to show some interest around a (not-so-great) weekly supply area at 1391.97-1328.04. Price is currently capped between the aforementioned weekly supply area and a nice-looking weekly decision-point level at 1244.08.

• Buyers and sellers on the daily timeframe are seen trading between a beautiful-looking daily supply area at 1344.91-1333.55 and a daily ignored decision-point level at 1292.52.

It was reported in the last analysis that if price broke below the 4hr S/R flip level at 1304.77, we would likely see price trade on down to the ignored decision-point level at 1292.52 where bullish activity would be seen.

Price has done exactly that, we are hoping price will not hit the 4hr S/R flip level at 1304.77 as this would be our first take-profit level if our pending buy order had been filled at 1293.77. If a small pullback does happen and we do get filled on our order, we will watch this pair carefully as we are seeing selling action out of weekly supply at 1391.97-1328.04 meaning this level could break very easily.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the ignored decision-point level at 1292.52 at 1293.77. A pending buy order is valid here since this level has been proven by the buyers who consumed the sellers around the high marked with a flag at 1313             .66, making this area prime for a reaction when/if price reaches here.
• 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: 1293.77 (SL: 1286.75 TP: Dependent on price approach). P.A.C: 1285.71 (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: No pending sell orders seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.
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