GOLD: Technical outlook and review.

FX:XAUUSD   Gold Spot / U.S. Dollar
144 0
4hr TF.

The higher-timeframe picture resembles the following:

• 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 1244.04; however, current trading action is taking place nearer the weekly supply area for the time being.

• Daily TF: Price is capped between the daily R/S flip level at 1292.52 (where price is currently trading around at the moment), and a daily decision-point level at 1318.96. If a break above is seen, watch for price to likely test daily supply at 1344.91-1333.55, conversely, a break below could see a drop in price down to a major daily S/R flip level at 1277.36.

Unfortunately, a return to the 4hr S/R flip level at 1304.77 was not seen, so our pending sell order set just below at 1304.21 was not filled, and to add to the pain, price has dropped down, coming a few pips from hitting our first (planned) take-profit target around the 4hr decision-point level at 1290.72, we have been left no choice but to remove the aforementioned pending sell order.

Considering we are now trading around a daily R/S flip level support at 1292.52 at the moment, and with the weekly timeframe not showing any signs of price hitting the immediate weekly supply area just above at 1391.97-1328.04, we are expecting higher prices soon. A P.A confirmation buy level has been set just above the aforementioned 4hr decision-point level at 1291.36 which has nearly been triggered. Price could very well break below this area to the more sturdy 4hr S/D flip area at 1284.77-1280.53 (a pending buy order is set just above at 1285.71) before higher prices are seen

Pending/P.A confirmation levels:

• Pending buy orders (Green line) are seen just above 4hr demand (1258.40-1264.53) at 1266.09. The reason a pending buy order has been set here, is because this area in our opinion remains the overall origin of a big rally to the upside, likely meaning there are a lot of unfilled buy orders siting in and around this area.
• Pending buy orders (Green line) are seen just above the 4hr S/D flip area (1284.77-1280.53) at 1285.71. We have set a pending buy order here since the buyers have proved this to be an area of interest (they traded above the high marked with a green flag at 1297.20 – which was at the time a requirement for a pending buy order to be set), so for the time being we are now awaiting a return back to this area where our pending buy order will likely be filled in the process.
• New P.A confirmation buy levels (Red line) are seen just above a 4hr decision-point level (1290.72) at 1291.36. The reason we have not set a pending buy order here is simply because price could ignore this level and push south down to the more attractive 4hr S/D flip area at 1284.77-1280.53.

• The pending sell order (Green line) set just below the 4hr S/R flip level (1304.77) at 1304.21 has been removed, since current price has nearly hit the first proposed target at 1290.72, thus invalidating our original pending sell order (level above).
• P.A confirmation sell levels (Red line) are seen just below the 4hr R/S flip level (1323.04) at 1321.55. We have set a P.A confirmation sell level here simply because price could easily break above this level, and head for the 4hr supply area at 1342.30-1335.74, hence the need to wait for confirmation.

• Areas to watch for buy orders: P.O: 1266.09 (SL: 1256.40 TP: Dependent on price approach) 1285.71 (SL: 1278.53 (TP: Dependent on price approach). P.A.C: 1291.36 (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 are seen in the current market environment. P.A.C: 1321.55 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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