Gold: Technical outlook and review.
Weekly Timeframe: The weekly timeframe shows that price had extended higher last week, which as a result will likely add confidence to the buying strength currently being seen off of the weekly decision-point demand level at 1136.30. At the time of writing, there seems to be very little resistance in the way that could stop prices challenging 1244.08 again. Let’s see what the lower timeframes are showing.
Daily timeframe: In our opinion, as long as the buyers can hold out above the major daily support flip level seen at 1182.01, our bias will remain firmly long. The path north on this timeframe appears to be relatively clear up to at least a daily decision-point supply area coming in at 1235.51-1222.37, just below the weekly 1244.08 level.
4hr Timeframe: With both the weekly and daily timeframes indicating that the market will likely trade higher this week, naturally we’re going to be looking for buying opportunities.
The 4hr timeframe shows that price has recently been trading off of a small 4hr resistance flip level at 1194.11. It was mentioned in the previous analysis to watch for lower-timeframe confirmation around this area (1195.20) for an entry long. The market has already given a signal to buy on the 15 minute timeframe yesterday around 4.45pm GMT, we unfortunately missed this! All is not lost though; we may get another signal - we’re presently watching for price to fakeout below the low 1192.66 before considering buying here again on the 15-minute timeframe.
Back on to the 4hr timeframe, assuming that the 1194.11 level now fails, and price continues south down towards an area marked in green seen between the daily support flip level (1182.01), and minor 4hr resistance flip level (1174.33). This would provide a nice area (1183.11) to watch for lower-timeframe confirmation to enter long, since we would be effectively then trading off of the daily support flip level mentioned above at 1182.01.
Buy/sell levels:
• Buy orders: 1195.20 [Tentative] (Predicative stop-loss orders seen at: Dependent on how one confirms the level) 1183.11 [Tentative] (Predicative stop-loss orders seen at: Dependent on how one confirms the level).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily timeframe: In our opinion, as long as the buyers can hold out above the major daily support flip level seen at 1182.01, our bias will remain firmly long. The path north on this timeframe appears to be relatively clear up to at least a daily decision-point supply area coming in at 1235.51-1222.37, just below the weekly 1244.08 level.
4hr Timeframe: With both the weekly and daily timeframes indicating that the market will likely trade higher this week, naturally we’re going to be looking for buying opportunities.
The 4hr timeframe shows that price has recently been trading off of a small 4hr resistance flip level at 1194.11. It was mentioned in the previous analysis to watch for lower-timeframe confirmation around this area (1195.20) for an entry long. The market has already given a signal to buy on the 15 minute timeframe yesterday around 4.45pm GMT, we unfortunately missed this! All is not lost though; we may get another signal - we’re presently watching for price to fakeout below the low 1192.66 before considering buying here again on the 15-minute timeframe.
Back on to the 4hr timeframe, assuming that the 1194.11 level now fails, and price continues south down towards an area marked in green seen between the daily support flip level (1182.01), and minor 4hr resistance flip level (1174.33). This would provide a nice area (1183.11) to watch for lower-timeframe confirmation to enter long, since we would be effectively then trading off of the daily support flip level mentioned above at 1182.01.
Buy/sell levels:
• Buy orders: 1195.20 [Tentative] (Predicative stop-loss orders seen at: Dependent on how one confirms the level) 1183.11 [Tentative] (Predicative stop-loss orders seen at: Dependent on how one confirms the level).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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