GOLD: Technical outlook and review.

2014年8月5日

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price still remains capped between weekly supply at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.08. The sellers appear in control at the moment, which should be the case really, as price has just recently traded out of the aforementioned weekly supply area.
• Daily timeframe: The sellers seem to really like the daily S/R flip level at 1292.52, as price reacted lovely off of it, and at the moment appear to be steaming south towards a major daily S/R flip level at 1277.36.

Price was unable to consume the high marked with a green flag at 1297.20. Instead, price is seen trading south and once again testing the 4hr S/D flip area at 1284.77-1280.53. If we see a break below here (which is likely considering we are trading off of a daily S/R flip level at 1292.52), price may very likely drop down towards a 4hr demand area at 1258.40-1264.53 which is quite a way below current price at the moment, but definitely an area to be noted down for future trading opportunities.

Pending/P.A confirmation orders:

• New pending buy orders (Green line) are seen just above 4hr demand (1258.40-1264.53) at 1266.09. The reason a pending buy order has been set here, is because this area in our opinion remains the overall origin of a big rally to the upside, likely meaning there are a lot of unfilled buy orders siting in and around this area.
• The P.A confirmation buy order (Red line) set just above the S/D flip area (1284.77-1280.53) at 1285.71 is now active, the buyers will need to prove this area by consuming some or most of the sellers around the high marked with a green flag at 1297.20, a pending buy order will then be set awaiting a possible return.

• 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: 1266.09 (SL: 1256.40 TP: Dependent on price approach). P.A.C: 1285.71 (Active-awaiting confirmation) (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.