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. Price is currently edging ever so closer to the lower limits of the 1244.08 area, so long positions may be a good bet at the moment.
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 where buying interest is currently seen coming into the market.
Gold has begun to show some strength, as traders have bought price within the 4hr demand area at 1258.40-1264.53. We have closed half of our buy position (1262.48) at the first take-profit target set at 1273.07, and will let the other half run, on the possibility that price may break above the 4hr S/R flip level resistance at 1273.07, and continue to trade higher.
At the time of writing, active selling is being seen off of the 4hr S/R flip just mentioned, hinting sellers may bring price back down to the aforementioned 4hr demand area. So for us, it remains a waiting game, oh what fun!
Pending/P.A confirmation levels:
• The pending buy order (Green line) set just above 4hr demand (1258.40-1264.53) at 1262.48 is now active. Our first take-profit level has been hit at 1273.07, so do keep an eye on our second take-profit target set at 1285.27.
• 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 (Active) (SL: 1256.40 TP: 1273.07 1285.27) 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.