Gold: Technical outlook and review.
Weekly Timeframe: Following a positive close below the weekly decision-point level at 1244.08, price appears relatively free to trade lower down to around a ‘weekly buy zone’ seen at 1156.70-1194.45. At the time of writing, price came within a few points of nearly retesting the 1244.08 level as resistance, could this be all the sellers need to push prices down to around weekly demand at 1156.70-1194.45?
Daily Timeframe: Monday’s trading action saw prices react off of a minor daily decision-point level at 1227.66, for any traders who entered long here, be careful, as price is currently trading very near to a weekly decision-point resistance level at 1244.08.
4hr Timeframe: Our pending sell order was only a few points away from being filled at 1242.87, be that as it may, we are not going to remove this order since prices may yet come back for a second serving, as the weekly decision-point resistance level at 1244.08 has yet to be fully hit (see above for details).
The market seems to have found temporary 4hr support around the 1231.83 level, if a close below this level is seen, then we have to consider the possibility that we may have missed the boat regarding this short trade. Conversely, if the 1231.83 level can hold the market higher, this may encourage buying up to the 4hr supply area at 1250.85-1243.69 filling our pending sell order (level above) in the process.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: 1242.87 (Stop loss: 1251.98 Take profit levels(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
Daily Timeframe: Monday’s trading action saw prices react off of a minor daily decision-point level at 1227.66, for any traders who entered long here, be careful, as price is currently trading very near to a weekly decision-point resistance level at 1244.08.
4hr Timeframe: Our pending sell order was only a few points away from being filled at 1242.87, be that as it may, we are not going to remove this order since prices may yet come back for a second serving, as the weekly decision-point resistance level at 1244.08 has yet to be fully hit (see above for details).
The market seems to have found temporary 4hr support around the 1231.83 level, if a close below this level is seen, then we have to consider the possibility that we may have missed the boat regarding this short trade. Conversely, if the 1231.83 level can hold the market higher, this may encourage buying up to the 4hr supply area at 1250.85-1243.69 filling our pending sell order (level above) in the process.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: 1242.87 (Stop loss: 1251.98 Take profit levels(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
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