ICmarkets

Gold: Still range bound!

FX:XAUUSD   Gold Spot / U.S. Dollar
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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 daily decision-point level below at 1244.04; however, trading action is currently taking place nearer the weekly supply area for the time being.

• Daily TF: The rebound from the daily decision-point level at 1318.96 has been held up by a minor daily R/S flip level at 1307.13 resulting in price being pushed back up to the aforementioned daily decision-point level.

Price has been trading within a small range now since 7/8/14 (4hr S/R flip level at 1304.77, and the 4hr R/S flip level at 1323.04), with no signs of a break at either of the aforementioned areas yet..

Our P.A confirmation buy order (1305.63) set just above the 4hr S/R flip level at 1304.77 has now been triggered. Ideally, we are looking for the buyers to consume most of the sellers around the high marked with a green flag at 1317.79 for us to even begin considering setting a pending buy order. We have to be extra cautious here as gold can be volatile at times, and a break of this range could happen at any time!

If a positive close below the 4hr S/R flip level 1304.77 is seen, this will likely clear the path south down to around the 4hr S/D flip area at 1284.77-1280.53, conversely a positive close above the 4hr R/S flip level at 1323.04 will possibly clear the path north towards a weak-looking 4hr supply area at 1342.30-1335.74 which is located just within the aforementioned weekly supply area.

Pending/P.A confirmation orders:

• 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), 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.
• The P.A confirmation buy order (Red line) set just above the 4hr S/R flip level (1304.77) at 1305.63 is now active. To confirm this level, the buyers will need to consume most of the sellers around the high marked with a green flag at 1317.79, only then will we consider setting a pending buy order in its place.

• No pending sell orders (Green line) are seen in the current market environment.
• P.A confirmation sell orders (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 order 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 here.

• 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: 1305.63 (Active-awaiting confirmation) (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 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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