Gold Weekly technical outlook and review.
Weekly TF.
The weekly timeframe shows the buyers were in control of the market for five consecutive weeks with each new week forming a higher high; however last week put an end to this run and nearly engulfed three prior weekly candles seeing the market closing at 1310.93.
Daily TF.
The ignored daily decision-point level at 1292.52 was not given enough credit in the original analysis; it has proved to be a fantastic level. Overall gold saw a lot of movement last week, we could see price had likely consumed the sellers around daily supply at 1318.12-1331.08 which possibly cleared the path north up to daily supply at 1391.97-1366.80. The sellers really then took control and hammered price down to the aforementioned ignored daily decision- point level (level above), and a rally higher followed. Could this level be all that’s needed to push price higher up to daily supply (1391.97-1366.80)?
4hr TF.
Clearly the buyers really liked the daily ignored decision-point level (seen clearer on the daily timeframe). as price rallied hard from here right up to a 4hr minor S/R flip level at 1323.04, this is where the sellers then took over and pushed price back down to a 4hr S/R flip level at 1304.77.
As we have already seen price consume the majority of sellers around daily supply at 1318.12-1331.08, we naturally expect higher prices. However, we also know price could drop a lot further down to at least daily demand at 1238.41-1254.85 before we hit the daily supply area at 1391.97-1366.80, the reason being this appears to be the origin of the overall move up (check it out on the daily chart). So with this in mind price will likely decline a little to the ignored decision-point level at 1292.52 where a bullish reaction is expected. Now we are not saying we expect price to shoot from here straight to daily supply at 1391.97-1366.80, what we are saying though is this level has been proved to be valid as the buyers have consumed sellers above the high (marked with a flag) at 1313.66 so a bounce at the very least should be seen here.
Pending/P.A confirmation orders:
• New pending buy orders (Green line) are seen just above the ignored decision-point level at 1292.52 at 1293.77. A pending buy order is valid here since this level has been proven by the buyers who consumed the sellers around the high marked with a flag at 1313.66, making this area prime for a reaction when/if price reaches here.
• P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.
• No pending sell orders (Green line) are seen in the current market environment.
• The P.A confirmation sell order (Red line) set just below the S/R flip level (1304.77) at 1303.40 has now been removed, price had rallied too far from the entry level making it invalid.
• Areas to watch for buy orders: P.O: 1293.77 (SL: 1286.75 TP: Dependent on price approach). P.A.C: 1285.71 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.
The weekly timeframe shows the buyers were in control of the market for five consecutive weeks with each new week forming a higher high; however last week put an end to this run and nearly engulfed three prior weekly candles seeing the market closing at 1310.93.
Daily TF.
The ignored daily decision-point level at 1292.52 was not given enough credit in the original analysis; it has proved to be a fantastic level. Overall gold saw a lot of movement last week, we could see price had likely consumed the sellers around daily supply at 1318.12-1331.08 which possibly cleared the path north up to daily supply at 1391.97-1366.80. The sellers really then took control and hammered price down to the aforementioned ignored daily decision- point level (level above), and a rally higher followed. Could this level be all that’s needed to push price higher up to daily supply (1391.97-1366.80)?
4hr TF.
Clearly the buyers really liked the daily ignored decision-point level (seen clearer on the daily timeframe). as price rallied hard from here right up to a 4hr minor S/R flip level at 1323.04, this is where the sellers then took over and pushed price back down to a 4hr S/R flip level at 1304.77.
As we have already seen price consume the majority of sellers around daily supply at 1318.12-1331.08, we naturally expect higher prices. However, we also know price could drop a lot further down to at least daily demand at 1238.41-1254.85 before we hit the daily supply area at 1391.97-1366.80, the reason being this appears to be the origin of the overall move up (check it out on the daily chart). So with this in mind price will likely decline a little to the ignored decision-point level at 1292.52 where a bullish reaction is expected. Now we are not saying we expect price to shoot from here straight to daily supply at 1391.97-1366.80, what we are saying though is this level has been proved to be valid as the buyers have consumed sellers above the high (marked with a flag) at 1313.66 so a bounce at the very least should be seen here.
Pending/P.A confirmation orders:
• New pending buy orders (Green line) are seen just above the ignored decision-point level at 1292.52 at 1293.77. A pending buy order is valid here since this level has been proven by the buyers who consumed the sellers around the high marked with a flag at 1313.66, making this area prime for a reaction when/if price reaches here.
• P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.
• No pending sell orders (Green line) are seen in the current market environment.
• The P.A confirmation sell order (Red line) set just below the S/R flip level (1304.77) at 1303.40 has now been removed, price had rallied too far from the entry level making it invalid.
• Areas to watch for buy orders: P.O: 1293.77 (SL: 1286.75 TP: Dependent on price approach). P.A.C: 1285.71 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.
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