GOLD WEEKLY TECHNICAL OUTLOOK AND REVIEW.
Weekly TF.
The weekly timeframe shows the buyers were in control for most of the week as price once again made a new weekly high at 1344.91.
Daily TF.
It is very clear that price is continuing higher as the daily supply area at 1318.12-1331.08 has been well and truly consumed now. Price is more or less free to hit the daily supply area above at 1391.97-1366.80, but we must remember price will rarely just shoot straight there no matter how much we want It to! A bearish retracement will likely follow which could see prices testing as low as the daily demand level below at 1238.41-1254.85 before we see a touch of the aforementioned daily supply area above.
4hr TF.
Unfortunately, price has not changed much since the last analysis, so our original analysis still holds very true:
Price has seen a strong advance possibly consuming the majority of the sellers in and around 4hr supply at 1342.30-1335.74. Logically speaking, price is now free to hit the above 4hr supply at 1363.99-1350.62, however before it does that, price could very well drop to 4hr demand below at 1307.58-1315.67.
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above demand (1307.58-1315.67) at 1316.64. A pending buy order was set here purely because of the fact this was the origin of the rally up into supply at 1342.30-1335.74, and when price returns to the origin a reaction is normally seen.
• 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.
• No P.A confirmation sell orders (Red line) are seen in the current market environment
• Areas to watch for buy orders: P.O: 1316.64 (SL: 1306.01 TP: Dependent on price action approach). P.A.C: 1285.71 (SL: (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: There are currently no pending sell orders seen in the current market environment. P.A.C: There are currently no P.A confirmation sell orders seen in the current market environment.
The weekly timeframe shows the buyers were in control for most of the week as price once again made a new weekly high at 1344.91.
Daily TF.
It is very clear that price is continuing higher as the daily supply area at 1318.12-1331.08 has been well and truly consumed now. Price is more or less free to hit the daily supply area above at 1391.97-1366.80, but we must remember price will rarely just shoot straight there no matter how much we want It to! A bearish retracement will likely follow which could see prices testing as low as the daily demand level below at 1238.41-1254.85 before we see a touch of the aforementioned daily supply area above.
4hr TF.
Unfortunately, price has not changed much since the last analysis, so our original analysis still holds very true:
Price has seen a strong advance possibly consuming the majority of the sellers in and around 4hr supply at 1342.30-1335.74. Logically speaking, price is now free to hit the above 4hr supply at 1363.99-1350.62, however before it does that, price could very well drop to 4hr demand below at 1307.58-1315.67.
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above demand (1307.58-1315.67) at 1316.64. A pending buy order was set here purely because of the fact this was the origin of the rally up into supply at 1342.30-1335.74, and when price returns to the origin a reaction is normally seen.
• 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.
• No P.A confirmation sell orders (Red line) are seen in the current market environment
• Areas to watch for buy orders: P.O: 1316.64 (SL: 1306.01 TP: Dependent on price action approach). P.A.C: 1285.71 (SL: (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: There are currently no pending sell orders seen in the current market environment. P.A.C: There are currently no P.A confirmation sell orders seen in the current market environment.
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