Outlook on Gold...
Weekly Timeframe: Last week saw Gold print an indecision candle just above a weekly swap level located at 1222.2. If buying strength is seen from this level, watch for the weekly swap level seen just above at 1251.5 to potentially repel the market. A break below 1222.2 on the other hand would likely open the doors to further downside towards a weekly demand area seen at 1166.8-1195.0.
Daily Timeframe: Friday’s trading action saw further buying enter the market, which consequently forced price higher into a daily decision-point supply area seen at 1245.8-1233.1. This area of supply remains a key obstacle to a move towards the weekly swap level mentioned above at 1251.5.
4hr Timeframe: The 4hr timeframe shows that the swing low 1217.3 (12/01/15) was clearly a respected number in the market. This should come as no surprise really considering that this level was located just above a daily decision-point demand area base coming in at 1204.4-1216.5.
From 1217.3, the market rallied up to a small 4hr supply area at 1238.6-1235.2 (located within the aforementioned small daily decision-point supply area), which as you can see, saw active selling just before the close at 1229.6.
With the above in mind, our team has no decided that no selling will be initiated until price closes below the weekly swap level at 1222.2. Buying on the hand is also rather tricky. Even though price is currently trading around a weekly swap level at the moment, we mustn’t forget that we are also seeing trading just below a daily decision-point supply area as well (see above). Therefore, shorting from the aforementioned 4hr supply area, which as mentioned above is located within this daily area, may not be the best path to take, as higher-timeframe opposition could very well enter the market from the weekly level (1222.2) this week. With that, our team has decided to step aside here and wait for further price action to develop.
Daily Timeframe: Friday’s trading action saw further buying enter the market, which consequently forced price higher into a daily decision-point supply area seen at 1245.8-1233.1. This area of supply remains a key obstacle to a move towards the weekly swap level mentioned above at 1251.5.
4hr Timeframe: The 4hr timeframe shows that the swing low 1217.3 (12/01/15) was clearly a respected number in the market. This should come as no surprise really considering that this level was located just above a daily decision-point demand area base coming in at 1204.4-1216.5.
From 1217.3, the market rallied up to a small 4hr supply area at 1238.6-1235.2 (located within the aforementioned small daily decision-point supply area), which as you can see, saw active selling just before the close at 1229.6.
With the above in mind, our team has no decided that no selling will be initiated until price closes below the weekly swap level at 1222.2. Buying on the hand is also rather tricky. Even though price is currently trading around a weekly swap level at the moment, we mustn’t forget that we are also seeing trading just below a daily decision-point supply area as well (see above). Therefore, shorting from the aforementioned 4hr supply area, which as mentioned above is located within this daily area, may not be the best path to take, as higher-timeframe opposition could very well enter the market from the weekly level (1222.2) this week. With that, our team has decided to step aside here and wait for further price action to develop.
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