Daily Timeframe: The on the other hand shows that price is currently trading relatively deep within a daily supply area seen at 1241.95-1231.52, and the only way price will hit the weekly support flip level mentioned above at 1244.08, is if all the selling opposition is consumed here.
4hr Timeframe: The 4hr timeframe shows that price is currently trading within a rather weak-looking 4hr supply area at 1239.37-1233.79.The reason why we think this area is weak is simply because of the amount of times it has been hit (marked with blue arrows), as each time this area sees some action, a new batch of sell orders are consumed, and thus the area weakens upon each visit.
With that being said, some minor selling interest is currently being seen out of this 4hr supply area, could this just be the last remaining sell orders? The only way to know for sure is if a close below the small 4hr decision-point level marked in green at 1228.23 is seen, as this will likely force price to test the 4hr demand area coming in at 1217.25-1221.95 (tentative buy orders seen just above at 1222.92).
We are still favoring higher prices since we mustn’t forget that price is currently trading out of a weekly demand area (1156.70-1194.45) at the moment, but the market may have found some temporary resistance within the daily supply area mentioned above at 1241.95-1231.52, so it will be interesting to see how price action unfolds today.
• Buy orders: 1222.92 (Predicative stop-loss orders seen at: 1216.61).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).