ICmarkets

Gold: Technical outlook and review.

FX:XAUUSD   Gold / U.S. Dollar
118 0 1
Weekly TF: At the time of writing, price is trading just above a weekly decision-point (support) level at 1244.08. In our humble opinion, it may be time to be locking in profits on any shorts open, and thinking about looking for buying opportunities.

Daily TF: On the daily timeframe price is seen entering a daily demand area at 1238.41-1254.85. This area of demand appears weak from the deep test seen on 03/06/14 at 1240.23. Nonetheless, price is currently trading around a small daily decision-point level (demand - 1252.02) at the moment, notice this level was not a reaction to anything, and until now remained untouched.

4hr TF: Considering where price is located on the higher timeframes at the moment (weekly decision-point (support) level at 1244.08, daily demand area at 1238.41-1254.85), we are naturally expecting to see higher prices sometime soon. With that in mind, strong selling opposition around the 4hr R/S flip (resistance) level at 1257.55 is clear; just take a look at those wicks!! A break below the 4hr demand area at 1250.15-1253.79 has been seen, traders should be wary here, this could very well be a fakeout performed by pro money to accumulate orders to go long, and does not necessarily mean price is free to hit the next fresh 4hr demand area below at 1240.92-1244.87, no matter how good it looks.

Our plan here is to patiently watch price action, if a close above the aforementioned 4hr R/S flip (resistance) level is seen, we will then be looking to play the retest up to at least 4hr supply at 1271.78-1267.52. If follow-through selling is seen from here, we have a pending buy order (1245.52) set ready and waiting above the lower of the two 4hr demand areas already mentioned.

Pending orders/P.A confirmation levels:

• Areas to watch for buy orders: 1245.52 (SL: 1239.58 TP: Dependent on how price approaches) P.A.C: No P.A confirmation buy levels are seen in the current market environment.

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

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