$XAUUSD Daily Technical Outlook and Review – Friday 29th August

The higher-timeframe picture resembles the following:

  • Weekly TF: Price still remains trading between the weekly supply area above at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.04 with no attempt of a breakout yet to be seen.
  • Daily TF: Buying interest from the daily S/R flip level at 1277.36 has recently been seen. If the buyers are intent on taking things higher, their first obvious area of trouble will likely be around the daily decision-point level at 1318.96.

Beautiful, in our opinion, the buyers have confirmed the 1283.60 area as a logical place to set a pending buy order at, since they have likely consumed the majority of the sellers (potential obstacle for any buying) around the high marked with a green flag at 1290.86, effectively clearing the path north for higher prices.

Our pending buy order (1283.60 is placed in such a way that we have the market come to us, rather than we chase it! A retracement may be seen due to pro money likely needing to collect any unfilled buy orders left around our entry level, as it is only pro money that can make a decision to rally the market like this. If our pending buyer order (level above) gets filled, we could be in a for a great R:R trade, since there appears to be only consumed supply/sell orders directly above the high marked with a green flag at 1290.86 (take note of the wicks marked with the blue arrows within the red circle) up to around 4hr supply at 1319.28-1314.48 which is where we’ll be ultimately targeting.

Pending/P.A confirmation levels:

  • 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.
  • New pending buy orders (Green line) are seen just above the 4hr range area (1273.07-1283.13) at 1283.60. The reason we have set a pending buy order here is simply because the buyers have confirmed that higher prices may likely be seen, by consuming the majority of the sellers (which was a requirement at the time) around the high marked with a green flag at 1290.86.
  • No P.A confirmation buy levels (Red line) are seen in the current market environment.
  • No pending sell orders (Green line) are seen in the current market environment.
  • No P.A confirmation sell levels (Red line) are seen in the current market environment.

GOLD 4HR

Quick Recap:

A break above the high marked with a green flag at 1290.86 has allowed us to set a pending buy order (1283.60) around where the initial decision was made to push higher. Now, all we can do is wait for price to hopefully retrace and fill our buy order, which we’ll be then ultimately targeting the 4hr supply 1319.28-1314.48, since there appears to be only consumed supply/sell orders directly above the high marked with a green flag at 1290.86 – take note of the wicks (marked with the blue arrows) within the red circle.

  • Areas to watch for buy orders:P.O: 1266.09 (SL: 1256.40 TP: Dependent on how price approaches) 1283.60 (SL: 1279.67 TP: Dependent on how price approaches). P.A.C: No P.A confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.

 

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