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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
- Possible MN Phase 4
- Price tested MN 50MA in UT and closed leaving a buying wick
- Price is seeing a reaction at MN 50MA in UT with price trading within body
- Conjecture: Price failed to close below MN 50MA in UT but did close below previous range low. As there is no reversal yet and MN QLo as well as the 1600 right below price could see a continuation and test these levels. However, price trading at MN 50MA in UT could see buyers coming in although no reversal has printed yet.
Weekly – Bullish
- Price retraced to W1-C-S 1710.087 BASE and closed as a W1 Three Outside Up but leaving a selling wick giving W1-C-D 1660.658
- Price trading at W1 200MA in UT
- Price trading mid swing and has not reached MN/W1 QLo (yet)
- Conjecture: Retracement to W1 Base Supply indicates a possible continuation to originating level of W1-C-S 1773.738
- Price tested an Old W1 Demand Base level indicating a possible continuation down to 1546.360 but then closed as W1 Three Outside Up. This could be an indication of momentum coming in on the buyers side. Although price closed with a longer selling wick indicating sellers are still around. A test of newly formed W1 demand could negate a Bullish thesis.
Daily – Bearish
- Price tested D1 50MA in DT TC, D1 Supply and started reacting closing below D1 QHi rejecting it
- Conjecture: However not a strong reversal rejecting D1 QHi and trading above D1 VWAP in DT could see buyers come in. As there is no reversal printed yet the bearish thesis is still in effect.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
