Gold: Technical outlook and review.
Weekly Timeframe: The weekly timeframe shows that Gold has pushed above the weekly supply area at 1255.2-1226.1, and traded directly into an oncoming supply area seen at 1296.3-1269.3.
Daily Timeframe: Yesterday was clearly a day for the buyers as prices were rocketed north deep into a daily supply area seen at 1296.3-1289.2 (seen deep within the aforementioned weekly supply area). A break above this area will likely entice further buying up towards another daily supply area coming in at 1319.2-1308.6.
4hr Timeframe: With both the weekly and daily timeframes trading within supply at the moment (see above), we were naturally more biased to shorts - that is until we analyzed the 4hr timeframe which tells a different story entirely…
Recent developments on the 4hr timeframe show price breaking above both a 4hr swap level at 1280.3, and also a 4hr decision-point supply level seen at 1286.1, which at the time of writing price is currently retesting as support. Looking to the left, we do not see any active supply, in fact all we see is consumption – check out the following consumption wicks at: 1289.8/1291.2/1296.3/1302.2/1303.5/1310.05.
Under the circumstances, we effectively have conflicting signals, on the one hand the weekly and daily timeframes are telling us to sell, on the other, the 4hr timeframe is saying that the coast is clear for buying. With that, we have decided to begin watching for lower-timeframe buying confirmation around the 1286.1 area targeting the next fresh 4hr supply area which comes in at 1315.0-1311.2 (located within the daily supply area mentioned above at 1319.2-1308.6). Assuming that we find an entry long here, the trade will require constant attention and strict trade management rules.
Current buy/sell levels:
• Buy orders: watching for lower-timeframe confirmation around the 1286.1 area (Predicative stop-loss orders seen at: dependent on where one confirms the trade).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: Yesterday was clearly a day for the buyers as prices were rocketed north deep into a daily supply area seen at 1296.3-1289.2 (seen deep within the aforementioned weekly supply area). A break above this area will likely entice further buying up towards another daily supply area coming in at 1319.2-1308.6.
4hr Timeframe: With both the weekly and daily timeframes trading within supply at the moment (see above), we were naturally more biased to shorts - that is until we analyzed the 4hr timeframe which tells a different story entirely…
Recent developments on the 4hr timeframe show price breaking above both a 4hr swap level at 1280.3, and also a 4hr decision-point supply level seen at 1286.1, which at the time of writing price is currently retesting as support. Looking to the left, we do not see any active supply, in fact all we see is consumption – check out the following consumption wicks at: 1289.8/1291.2/1296.3/1302.2/1303.5/1310.05.
Under the circumstances, we effectively have conflicting signals, on the one hand the weekly and daily timeframes are telling us to sell, on the other, the 4hr timeframe is saying that the coast is clear for buying. With that, we have decided to begin watching for lower-timeframe buying confirmation around the 1286.1 area targeting the next fresh 4hr supply area which comes in at 1315.0-1311.2 (located within the daily supply area mentioned above at 1319.2-1308.6). Assuming that we find an entry long here, the trade will require constant attention and strict trade management rules.
Current buy/sell levels:
• Buy orders: watching for lower-timeframe confirmation around the 1286.1 area (Predicative stop-loss orders seen at: dependent on where one confirms the trade).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
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