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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
- Price made a LL almost taking out MN-C-D 1738.757 but price started reacting and closed above as a Hammer leaving a long buying wick.
- Price failed to close below the previous range
- Conjecture: The long buying wick indicates buyers are still around. Although a Hammer formation indicates further continuation lower as no reversal pattern has been printed.
Weekly – Bullish
- Price closed higher although leaving a slightly longer selling wick as well as failing to close above W1 QLo
- Conjecture: Last week did not quite close as a potential momentum following a Three Outside Up could see. Further reluctance of a full bullish sentiment is the fact that price failed to close above W1 QLo. Thus price could see sellers coming in although not yet confirmed.
Daily – Bearish
- D1 initially closed above W1 QLo but then formed a D1 Bearish Inside Bar reacting off D1 50MA in DT leaving a small buying wick reacting off newly formed D1-C-D 1763.229.
- D1 QLo rejected, price trading mid swing
- Conjecture: Besides D1 closing as a Bearish Inside Bar (implication being for a developing D1 THree Outside Down) it also tested newly formed demand (high in dist. curve) through Three Outside Up. A formation which ‘should’ see momentum come in but didn’t doesn’t make for a great bullish thesis. The pullback could have just been a profit-taking move and more information is needed if price can continue the move higher.
Sentiment summary – Bullish
Additional notes
- Aug 05, USD, Nonfarm Payrolls Private (Jul)
Focus Points for trading development
- Monthly Goals
- Use SL scaling
