Gold: Technical outlook and review.

FX:XAUUSD   Gold Spot / U.S. Dollar
Weekly Timeframe: The weekly supply seen at 1255.20-1226.18 seems to be proving itself as the sellers are currently seen driving price south. Assuming that the sellers keep up with this enthusiasm, it is likely we may see another test of 1136.30, a weekly decision-point demand level .

Daily Timeframe: It was mentioned in the previous analysis that after the daily decision-point supply area at 1235.51-1222.37 was consumed; we felt that the path north was relatively clear up to a daily Quasimodo resistance level coming in at 1249.45 (seen very deep within the aforementioned weekly supply area), which still remains to be the case. Recent trading action has seen Gold market slammed down into a daily decision-point demand area at 1185.97-1203.20, which is exactly where we intend to begin looking for buying opportunities.

4hr Timeframe: The 4hr timeframe shows that buying Gold now off a 4hr Quasimodo support level at 1191.81 may not be the best path to take, as risk/reward considerations argue against entering long when prices are so close to a 4hr swap area seen at 1199.48-1205.02.

For us to even consider entering long around here, the buyers would have to prove there is strength here by consuming some or most of the sellers within the aforementioned 4hr swap area, then retrace back down towards the 4hr Quasimodo support level , where we’d watch for price to fake below the low 1190.57. From there we would attempt to ride the train north up to 1235. 40 , as per the red arrows.

Current buy/sell levels:

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

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

Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out