ICmarkets

Gold: Weekly technical outlook and review.

FX:XAUUSD   Gold/U.S. Dollar
108 0 4
Weekly TF.

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.

Daily TF.

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.

4hr TF.

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.


Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out