Gold: Technical outlook and review.
Weekly Timeframe: The weekly timeframe shows that price has beautifully faked below a weekly demand area at 1156.70-1194.45 into a small weekly decision-point demand level coming in at 1136.30. As a consequence this has formed a fantastic-looking bullish pin-bar candle. Should we all being buying now expecting prices to trade directly to 1244.08? Let’s take a look on the lower timeframes to see what’s on the horizon.
Daily Timeframe: We agree, the pin bar candle that formed on the weekly timeframe does indeed look yummy. However, if we take a look at the daily timeframe, it is clear that all price has effectively done is traded directly towards a major support flip level seen at 1182.01. Would you want to buy into that??!! A break above this level is what we’d like to see, this would be our signal to look for buying opportunities on the retest targeting the daily supply area above at 1235.51-1222.37.
4hr Timeframe: In our opinion, the 4hr timeframe is showing some direction already, as price has consumed a very important 4hr supply area at 1174.84-1168.15. The importance comes from this being the area where pro money likely made the decision to break below the weekly demand area mentioned above at 1156.70-1194.45.
With that being said, we would only consider entering long with lower-timeframe confirmation around 1162.23, just above a 4hr Quasimodo support level at 1161.06. This is also subject to a reversal being seen almost immediately when the market opens today, WITHOUT hitting the 4hr support flip level above at 1182.93, as this would make a very healthy take-profit target. The reason for needing lower-timeframe confirmation is simply because if the market does the above, then price would effectively still be trading below the major daily support flip level mentioned above at 1182.01, so in essence we would be taking this trade long with no daily timeframe direction, and relying solely on the pin-bar reaction seen off of the weekly demand area at 1156.70-1194.45.
Buy/sell levels:
• Buy orders: 1162.23 [Tentative] (Predicative stop-loss orders seen at: 1157.08).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: We agree, the pin bar candle that formed on the weekly timeframe does indeed look yummy. However, if we take a look at the daily timeframe, it is clear that all price has effectively done is traded directly towards a major support flip level seen at 1182.01. Would you want to buy into that??!! A break above this level is what we’d like to see, this would be our signal to look for buying opportunities on the retest targeting the daily supply area above at 1235.51-1222.37.
4hr Timeframe: In our opinion, the 4hr timeframe is showing some direction already, as price has consumed a very important 4hr supply area at 1174.84-1168.15. The importance comes from this being the area where pro money likely made the decision to break below the weekly demand area mentioned above at 1156.70-1194.45.
With that being said, we would only consider entering long with lower-timeframe confirmation around 1162.23, just above a 4hr Quasimodo support level at 1161.06. This is also subject to a reversal being seen almost immediately when the market opens today, WITHOUT hitting the 4hr support flip level above at 1182.93, as this would make a very healthy take-profit target. The reason for needing lower-timeframe confirmation is simply because if the market does the above, then price would effectively still be trading below the major daily support flip level mentioned above at 1182.01, so in essence we would be taking this trade long with no daily timeframe direction, and relying solely on the pin-bar reaction seen off of the weekly demand area at 1156.70-1194.45.
Buy/sell levels:
• Buy orders: 1162.23 [Tentative] (Predicative stop-loss orders seen at: 1157.08).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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