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This is my weekly outlook on GOLD. The levels that I will be looking at with a higher probabilistic chance the market will start reacting. During the session I then wait for the market to hit those levels and either confirm or reject my bias through price action confirmation and order flow. I hope that makes sense. If not, get in touch with me. I love to talk to people that are on the same path as me. So don’t be shy and reach out.
Monthly – Bearish
- MN Bear Engulf giving MN-C-S 1905.787 rejecting MN QHi
- Price continued to close down but reacted off MN demand leaving a longer buying wick closing above MN demand
- Conjecture:
- Even though MN closed down rejecting MN QHi, the longer buying wick not closing within demand (and above VWAP) indicates buyers could still be around and some retracement higher is possible.
Weekly – Bullish
- W1 RBR reacting off W1 QLo / W1 demand giving W1-C-D 1850.788 BASE
- W1 QLo rejected, price trading mid swing
- Conjecture:
- If price retraces to Base demand level, price could shift in sentiment.
Daily – Bullish
- Possible D1 Phase 1 / 3
- Big Bull Engulf closing above overall range giving D1-C-D 1853.719
- D1 QLo rejected, price trading mid swing although enaring D1 QHi
- Conjecture:
- Even though price closed above overall range and is following-through on D1 VWAP in DT BO to CAS narrative price is running into D1 QHi as well as D1 demand and could see some pushback.
Sentiment summary – Bullish
Additional notes
- Blackswan event
