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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.
- Price is trading higher within body although trading at MN VWAP and could see a reaction.
Weekly – Bullish
- Price closed higher above previous High near its high
- Price closing above W1 QLo rejecting QLo
- Conjecture: Price closed above W1 QLo rejecting swing low and closed slightly above 1800, if price can hold upwards momentum it could see continuation higher to 1850.
Daily – Bullish
- D1 QLo rejected, price trading mid swing although nearing D1 QHi
- Price popped 1800 and came close to testing D1 supply and saw some reaction but failed to close within newly formed D1-C-D 1788.088, instead price closed higher forming a Bull Engulf
- Price trading above D1 50MA in DT
- Conjecture: Even though price closed higher, price has slowed down some. Plus price is nearing D1 QHi, D1 Supply as well as D1 UKC in DT and trading around a round number so could see a reaction.
Sentiment summary – Bullish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
