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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 closed lower following a MN hammer closing deeper within MN-C-D 1738.801 (which was tested multiple times and almost got taken out in July / MN Hammer)
- MN QHi rejected, price trading mid swing
- MN VWAP BD to CAR leaving a selling wick and price closed near its low
- Conjecture: Price closed within demand indicates price possibly taking out said demand. Although the month just started and could see some retracement first.
Weekly – Bearish
- Price closed as a W1 Spinning Top / Inside Bar within W1 demand
- Price trading within Wide W1 QLo above W1 200MA in UT
- Conjecture: Price closed somewhat neutral but could see a DBD formation possibly testing W1 200MA in UT. A test could see some kind of reaction. If price closes above W1 demand price could see a reversal.
Daily – Bullish
- Possible D1 Phase 1 although price has not confidently cleared D1 QLo and there are longer selling wicks around
- Conjecture: Even though price has closed above D1 QLo it failed to push higher and is seeing a form of consolidation. Plus the longer selling wicks within the formation indicated sellers are still around. Price would need to break higher or lower from consolidation to have a clear indication of direction.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
