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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 taking out MN demand and is trading at MN 50MA in UT
- MN QHi rejected, price trading mid swing nearing MN QLo
- Conjecture: Price taking out demand indicates a possible continuation as price is coming from a MN QHi rejection and is currently trading mid swing. Price is trading at MN 50MA in UT with MN QLo not far below that is coinciding with the round number of 1600 and could see buyers come in.
- If price hite MN Base demand it could trigger a continuation.
Weekly – Bearish
- W1 DBD giving W1-C-S 1710.087 BASE closing at W1 200MA in UT
- Last week closed lower below 200MA and below range near its low
- W1 QHi rejected (sharing levels with MN), price trading mid swing nearing MN/W1 QLo
- Conjecture: Price did not even try to retrace to the newly formed W1 Base Supply level indicating there might be some momentum behind the move. Price closing near its low below previous range further adds to this bearish thesis. MN/W1 QLo near the round number of 1600 could see buyers coming in.
Daily – Bearish
- D1 Consolidation and continuation down giving D1-C-S 1671.125
- Price following D1 VWAP in DT TC
- Price is trading within old D1 demand D1-C-D 1647.456, price closed near its low
- Conjecture: The D1 VWAP in DT TC happening lower within the range could indicate momentum behind the move. A retracement to newly formed D1 Supply That is low in dist. curve) could negate the bearish thesis.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
