Gold: Technical outlook and review.
Weekly Timeframe: Price closed below the weekly decision-point level (1244.08) on the 08/09/14, with price seen retesting it as an area of resistance a week later. Could this be all the sellers need to push prices down to weekly demand at 1156.70-1194.45?
Daily Timeframe: .At the time of writing current trading action is capped between a daily decision-point area at 1241.95-1235.34, and a daily support flip level at 1211.67. With price action on the weekly timeframe currently showing price successfully testing a weekly resistance area at 1244.08 (prior support), we feel the 1211.67 level will see a break south, which will likely encourage further selling down to a daily Quasimodo support level at 1186.83, which is conveniently located within the weekly demand area mentioned above at 1156.70-1194.45.
4hr Timeframe: After reviewing the higher-timeframe charts once again, it is quite possible the move seen on the 23/09/14 at 1235.54 was very likely a fakeout, since the signal to go lower was seen on the 22/09/14 at 1207.88. What we mean by signal is simply that the buyers are likely consumed around the 4hr support flip level at 1211.12, potentially clearing the path south down to at least the 1194.38 level, a 4hr Quasimodo support. We have set a price action confirmation buy level just above here at 1196.01, since a reaction is very likely, as this level is sitting just within the weekly demand area mentioned above at 1156.70-1194.45. The reason we have not placed a pending buy order is simply because price could ignore this level, and trade on down to the higher-timeframe daily Quasimodo support level (1186.83) instead since this is the more prominent out of the two levels.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 1196.01 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
Daily Timeframe: .At the time of writing current trading action is capped between a daily decision-point area at 1241.95-1235.34, and a daily support flip level at 1211.67. With price action on the weekly timeframe currently showing price successfully testing a weekly resistance area at 1244.08 (prior support), we feel the 1211.67 level will see a break south, which will likely encourage further selling down to a daily Quasimodo support level at 1186.83, which is conveniently located within the weekly demand area mentioned above at 1156.70-1194.45.
4hr Timeframe: After reviewing the higher-timeframe charts once again, it is quite possible the move seen on the 23/09/14 at 1235.54 was very likely a fakeout, since the signal to go lower was seen on the 22/09/14 at 1207.88. What we mean by signal is simply that the buyers are likely consumed around the 4hr support flip level at 1211.12, potentially clearing the path south down to at least the 1194.38 level, a 4hr Quasimodo support. We have set a price action confirmation buy level just above here at 1196.01, since a reaction is very likely, as this level is sitting just within the weekly demand area mentioned above at 1156.70-1194.45. The reason we have not placed a pending buy order is simply because price could ignore this level, and trade on down to the higher-timeframe daily Quasimodo support level (1186.83) instead since this is the more prominent out of the two levels.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 1196.01 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
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