Gold: Technical outlook and review.
Weekly Timeframe: The weekly timeframe shows price is currently trading between a weekly support flip level at 1244.08, and a weekly demand area seen below at 1156.70-1194.45, with no attempt to break out seen just yet.
Daily Timeframe: Some development has finally been seen on Gold! A positive daily close below the 1211.67 level has been seen. This could potentially entice further selling down towards the 1186.83 level (Quasimodo support). Be that as it may, before a move south like this is seen, sell orders will very likely need to be accumulated, and as a result, a retest of the 1211.67 (as resistance) may very well be seen.
4hr Timeframe: The 4hr timeframe shows price has broken below 4hr support at 1211.12 and for the time being appears to have successfully retested the level as resistance. It is very likely continuation selling will be seen on Gold down to around a minor 4hr Quasimodo support level coming in at 1194.38 sometime soon, since most of the sell orders were already likely consumed by that monster wick/spike seen marked with a blue arrow at 1219.96.
With the above taken into to consideration, we still believe there may be a chance to get in on the potential move south, as price may very well retest the 1211.12 once more, only a little deeper this time around the 1213.07 level, with stops placed just above the 1219.96 level at 1220.73.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1213.07 (Predicative stop-loss orders seen at: 1220.73).
Daily Timeframe: Some development has finally been seen on Gold! A positive daily close below the 1211.67 level has been seen. This could potentially entice further selling down towards the 1186.83 level (Quasimodo support). Be that as it may, before a move south like this is seen, sell orders will very likely need to be accumulated, and as a result, a retest of the 1211.67 (as resistance) may very well be seen.
4hr Timeframe: The 4hr timeframe shows price has broken below 4hr support at 1211.12 and for the time being appears to have successfully retested the level as resistance. It is very likely continuation selling will be seen on Gold down to around a minor 4hr Quasimodo support level coming in at 1194.38 sometime soon, since most of the sell orders were already likely consumed by that monster wick/spike seen marked with a blue arrow at 1219.96.
With the above taken into to consideration, we still believe there may be a chance to get in on the potential move south, as price may very well retest the 1211.12 once more, only a little deeper this time around the 1213.07 level, with stops placed just above the 1219.96 level at 1220.73.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1213.07 (Predicative stop-loss orders seen at: 1220.73).
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