ICmarkets

Gold showing no clear direction, any ideas?

FX:XAUUSD   Gold Spot / U.S. Dollar
192 0 2
Weekly Timeframe: The weekly timeframe shows price is currently trading between a weekly support flip level at 1244.08, and a weekly demand area seen below at 1156.70-1194.45, with no attempt to break out seen just yet.

Daily Timeframe: The daily timeframe also shows price is currently trading between a daily decision-point supply area at 1241.95-1235.34, and a daily support flip level at 1211.67. This type of action is dreamy for range traders, but hellish for trend traders attempting to join the current down trend seen on the daily timeframe .

4hr Timeframe: Technically, nothing has changed since the previous analysis. However, a quick reminder will not hurt.
It appears a decision needs to be made on gold             . The weekly, daily (1244.08/1156.70-1194.45…... 1241.95-1235.34/1211.67), and now the 4hr timeframe (1211.12/1228.46) are all displaying distinguishable ranges, with no clear direction being shown in our opinion. Check out the possible fakeouts either side of the 4hr range, this has very likely stopped a lot of traders out who place their stops too close to the range limits.

Nevertheless, there are still opportunities here to buy and sell the limits of this range with price action confirmation. We see potential opportunities to buy at 1212.17, and sell at 1227.67, again, please do wait for some sort of confirmation signal here, since this area could break at any time!

Buy/sell levels:

• Buy orders: 1212.17 (Predicative stop-loss orders seen at: Dependent on which price-action confirmation signal you use).

• Sell orders: 1227.67 (Predicative stop-loss orders seen at: Dependent on which price-action confirmation signal you use).

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