ICmarkets

Gold: Technical outlook and review.

FX:XAUUSD   Gold Spot / U.S. Dollar
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Weekly Timeframe: Further buying has recently been seen on the weekly timeframe , which consequently pushed prices up to a weekly support flip level coming in at 1244.08.

Daily Timeframe: The daily timeframe shows that the if selling interest comes into the market around the aforementioned weekly support flip level, there is very little stopping price from declining all the way down to a minor daily support flip level coming in at 1206.49.

4hr Timeframe: The weak-looking 4hr supply area at 1239.37-1233.79 was well and truly consumed yesterday. This - like most of the major pairs was likely fuelled by the poor U.S data announced yesterday. What happened after this was no surprise as well. Selling interest came into the market within an important 4hr supply area at 1250.85-1243.69. The reason for this area’s importance is simply because this is where we believe the decision was made to break below the weekly support flip level at 1244.08, and as a result there were unfilled sell orders left behind.

According to the higher timeframes it is very likely further selling may be seen. We on the other hand will not be convinced until the small 4hr decision-point demand area at 1234.07-1238.94 is consumed, as this could prove to be a troublesome area to break. Assuming this area gets consumed, we will be looking at getting in short as soon as possible, and will likely target the 4hr demand area below at 1217.25-1221.95.

Buy/sell levels:

• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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