ICmarkets

GOLD: Weekly technical outlook and review.

FX:XAUUSD   Gold/U.S. Dollar
97 0 3
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 with no attempt of a breakout yet to be seen.

Daily TF.

Last week saw some serious selling going on with the only notable buying interest being seen on Friday, as price hit a major daily S/R flip level at 1277.36. Just below this level is a beautiful-looking daily decision-point area at 1258.40-1270.30, so do be prepared for the possibility that pro money may fake below the major S/R flip level into this daily decision-point area, as this area likely contains unfilled buy orders. For the time being however, price remains capped between the daily decision-point level above at 1318.96, and the aforementioned major daily S/R flip level below.

4hr TF.

We can clearly see on this timeframe that price is now capped between a 4hr S/D flip area at 1284.77-1280.53, and a 4hr demand area below at 1258.40-1264.53, and that there is very little to the left stopping price from dropping lower in our opinion.

However, we have to consider if pro money have the orders (liquidity) to push prices this low, and at the moment it appears to be no, and the next area of logical 4hr supply is seen way up at 1319.28-1314.48, and this is likely where pro money would like to bring price before lower prices are seen. The area in the red circle may have some unfilled sell orders lurking within, but from what we can, see the wicks marked with arrows seem to have consumed most of the sellers.

So, unless pro money does already have the liquidity, and the 4hr demand area just mentioned sees a touch soon, it is a waiting game for us.

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.
• The pending buy order (Green line) set just above the 4hr S/D flip area (1284.77-1280.53) at 1285.71 has been stopped out.
• The P.A confirmation buy level (Red line) set just above a 4hr decision-point level (1290.72) at 1291.36 has been removed since price has invalidated this level

• No pending sell orders (Green line) are seen in the current market environment.
• The P.A confirmation sell level (Red line) set just below the 4hr R/S flip level (1323.04) at 1321.55 has been removed since price has traded too far from the entry level for the time being.

• Areas to watch for buy orders: P.O: 1266.09 (SL: 1256.40 TP: Dependent on price approach) 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.
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