Price still remains trading between the weekly supply area above at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.08. At the time of writing, price is currently edging ever so closer to the1244.08 area, so long positions may be a good bet at the moment.
Last week on Friday we saw price break below the daily decision-point area at 1258.40-1270.30, potentially signaling a continuation move down to daily demand at 1238.41-1254.85.
There were certainly some very active sellers located around the 4hr S/R flip (resistance) level at 1273.07 (which is where we closed half of our buy position ), since follow-through selling was seen breaking below the 4hr demand area at 1258.40-1264.53, and reacting off of a 4hr R/S flip (support) level at 1257.55 (fortunately we had our stop-loss order placed below here, so we are still currently long on gold ).
If we see price close above the 4hr S/R flip (resistance) level at 1273.07, this will likely confirm higher prices may be seen up to at least the 4hr supply area at 1289.80-1286.71. This may also confirm that the tail seen below the daily decision-point area at 1258.40-1270.30 (which is the same as on the 4hr timeframe – 1257.15) may have also been a fakeout, and not a continuation signal.
Pending orders/P.A confirmation levels:
• Areas to watch for buy orders: P.O: 1262.48 (Active) (SL: 1256.40 TP: 1273.07 1285.27) 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.