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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
- 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.
- Price started reacting off MN 50MA in UT but is currently trading below body although still within range
Weekly – Bearish
- Price made a HH testing newly formed W1 Supply LiDC but closed lower as a possible consolidation
- Possible Phase 1 / 3
- Price trading above MN/W1 QLo but has not yet tested it
- Conjecture: Price failed to pull through on a possible W1 DBD and instead closed as a possible consolidation.
- Price tried taking out W1 demand End 1614.772 but failed to do so for the moment and could see buyers coming in.
Daily – Bearish
- Multiple tests of D1/W1 Supply LiDc
- D1 Three Inside Down at W1/D1 Supply (coinciding with D1 VWAP in DT) closing slightly within D1 QLo taking out some demand on the way
- Conjecture: A D1 Three Inside Down formation suggests momentum in the move although the move having happened on Friday could mean a selloff before the weekend. As such repeated tests of newly formed supply could negate the bearish thesis.
- D1/W1 LiDC tested multiple times could be in line with a potential reversal around these levels if price fails to pull through lower.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
