XAUUSD Technical Analysis 15.12 - 12.01: Ranging - page 2
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XAUUSD price is ranging between 1211.74 and 1267.79 support/resistance levels on D1 timeframe with primary bearish market condition. The same situation we see on W1 and MN timeframes : secondary ranging market condition within primary bearish.
H4 timeframe.
Ichimoku cloud/kumo is very thin - it is not wide enough to stop the price from bullish reversal. And price was reversed to primary bullish with good signal to buy on open H4 bar. But the situation is a risky : Chinkou Span line is going along historical price ready to cross it for good breakdown from above to below for ranging market condition to be continuing
If the price will cross 1211.74 support level so the bearish market will be continuing for whole the week. If not so the price will be in ranging market condition for this and more weeks.
UPCOMING EVENTS (high/medium impacted news events which may be affected on XAUUSD price movement for this coming week)
2013-12-18 19:00 GMT (or 20:00 MQ MT5 time) | [USD - Federal Funds Rate]
2013-12-18 19:30 GMT (or 20:30 MQ MT5 time) | [USD - FOMC Press Conference]
2013-12-18 09:30 GMT (or 10:30 MQ MT5 time) | [GBP - Bank of England Minutes]
Please note : some US (and CNY) high/medium impacted news events (incl speeches) are also affected on XAUUSD price movementSUMMARY : ranging
TREND : bearish
Intraday Chart
Why did you copy that? You mean - I should update this technical analysis? yes ... agree ...
So ... :)
D1 timeframe.
The price still did not break 1211.74 support level on close D1 bar. And yes - it is primary bearish for now (not a ranging bearish) but I am sorry - it is on open D1 bar only. We should wait for tomorrow to know where this daily bar will be closed and new bar will be opened to be sure about : ranging or not ranging on D1 (any technical analysis is made on closed bars only).
Support/resistance levels for D1 timeframe for now :
W1 timeframe.
It was secondary ranging within primary bearish, and ranging is just finsihed, but I am sorry - same case as for D1 - on open bar open. As W1 bar is one week so we should wait for this week to be finished to see where this bar will be closed and new W1 bar will be opened.
Anyway, 1211.74 is still the key support level to understand : ranging will be continuing, or not. And this level was not broken on close bar sorry.
H4 timeframe
If we will talk about intra-day situation so it is still ranging. Bearish ranging. I am not talking about last open bar. I am talking about last 4 or 5 bars - ranging. So, we should wait in this situation too just to be sure.
Week 51: 6H chart update. On my system after few days of flat prices in the range detailed by Newdigit market is again bearish.
At the moment I don't see any kind or inversion signal and prices are again in oversold situation.
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Press review
newdigital, 2013.12.19 16:48
GOLD TECHNICAL ANALYSIS – Prices are working to negative the potential Head and Shoulders setup identified earlier in the week. Sellers are testing below support at 1210.35, the 38.2% Fibonacci expansion, with a close beneath this barrier exposing the 50% level at 1192.62. A turn back above 1210.35 sees the first major layer of resistance at 1260.84.
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Press review
newdigital, 2013.12.20 07:36
Gold just broke below an important technical level that may indicate another steep drop ahead.
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Press review
newdigital, 2013.12.20 17:25
Gold broke and closed below the key 1219 level on Thursday. This move eliminated the positive cyclicality from December 2nd. Given the rather tepid advance off that low we suspected the key pivot would get tested. Focus is now on the year’s low at 1180 ahead of major support near 1155. As for cycles, there is little in the way of turn windows until the end of the month when a Gann 90-day “death cycle” will open the door to a potential reversal. Only a move through the 2x1 Gann angle line of the August high at 1253 would signal the metal has bottomed earlier than expected.