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 with no attempt of a breakout yet to be seen.
Daily TF: A break below the daily S/R flip level at 1277.36 has been seen, consequently forcing price down to around a daily decision-point area at 1258.40-1270.30.
Literally, price looks like it has taken a nose dive off of the top diving board on the 4hr timeframe, with buyers showing little to no interest at the moment!
We initially thought higher prices were likely to be seen (as per our last analysis); this just goes to prove that we should all expect the unexpected in these markets! Our pending buy order set at 1283.60 stood no chance with the current selling onslaught, and as a result, we were forced to cover our position.
Ok, on to the next possible opportunity on Gold . As already mentioned above, the is now trading around a daily decision-point area at 1258.40-1270.30, so higher prices could well be seen from here. Taking a look on the 4hr chart, we have spotted a fresh 4hr demand area at 1258.40-1264.53 (located within the aforementioned daily decision-point area), in which we have placed a pending buy order just within at 1262.48. Price is very nearly trading within the zone at the time of writing, so we will be watching carefully. If buying interest is seen from around here, the first trouble area of supply in our opinion is around the 4hr S/R flip level at 1273.07.
Pending/P.A confirmation levels:
• Pending buy orders (Green line) are seen just above 4hr demand (1258.40-1264.53) at 1262.48. 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, and also not forgetting, this 4hr area is neatly located with a daily decision-point area at 1258.40-1270.30.
• The pending buy order (Green line) set just above the 4hr range area (1273.07-1283.13) at 1283.60 has been stopped out.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.
• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1262.48 (SL: 1256.40 TP: Dependent on how price approaches) 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.