Gold follow up
Weekly Timeframe: The weekly timeframe shows active buying interest is currently being seen around the weekly demand area at 1156.70-1194.45, is it time to be looking for buying opportunities?
Daily Timeframe: Price has played out exactly as expected on the daily timeframe. A small fakeout was seen just below the daily Quasimodo support level coming in at 1186.83 into a major daily support level at 1182.01, where at which point, solid buying interest entered the market. However, for prices to continue higher from here, the buyers have to overcome potential selling opposition around the 1206.49 level.
4hr Timeframe: There were clearly unfilled buy orders lurking just above the 4hr demand area at 1178.86-1118.16, as reported to watch out for in the previous analysis. The 1206.49 level seen on the daily timeframe is actually a small 4hr supply flip area on the 4hr time frame at 1208.18-1204.31; where at the time of writing price is currently trading at. Even if a small decline is seen from here, we are still very confident higher prices will at least reach the 1228.46 (active sell orders expected just below at 1227.76) level, since in our opinion most of the supply has already been consumed. For instance, take note of the pink downtrend line, and more specifically the supply consumption wicks seen at 1215.24/1218.92.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1227.76 (Predicative stop-loss orders seen at: 1232.12).
Daily Timeframe: Price has played out exactly as expected on the daily timeframe. A small fakeout was seen just below the daily Quasimodo support level coming in at 1186.83 into a major daily support level at 1182.01, where at which point, solid buying interest entered the market. However, for prices to continue higher from here, the buyers have to overcome potential selling opposition around the 1206.49 level.
4hr Timeframe: There were clearly unfilled buy orders lurking just above the 4hr demand area at 1178.86-1118.16, as reported to watch out for in the previous analysis. The 1206.49 level seen on the daily timeframe is actually a small 4hr supply flip area on the 4hr time frame at 1208.18-1204.31; where at the time of writing price is currently trading at. Even if a small decline is seen from here, we are still very confident higher prices will at least reach the 1228.46 (active sell orders expected just below at 1227.76) level, since in our opinion most of the supply has already been consumed. For instance, take note of the pink downtrend line, and more specifically the supply consumption wicks seen at 1215.24/1218.92.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1227.76 (Predicative stop-loss orders seen at: 1232.12).
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