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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 closed below MN 50MA in DT leaving a selling wick closing as an Inverted Hammer
- Conjecture: Price closed below MN 50MA in UT as well as 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 still see buyers coming in (as price has not cleared the level yet) although no reversal has printed yet.
- Price started reacting off MN 50MA in UT and is currently trading above body, within range
Weekly – Bullish
- Possible W1 Phase 1 / 3
- Price almost took out W1 Demand End 1614.772 again but closed as a W1 Bull Engulf closing within W1 Supply LiDC
- Price trading below W1 200MA in UT
- Conjecture: Price failed to take out Demand (tried twice) and instead closed within W1 Supply which is Low in Distribution Curve and could get taken out.
- Possible accumulation below W1 200MA in UT could also further suggest a break higher.
- However, since supply is not yet taken out and W1 VWAP in DT is right above sellers could step in and take over.
- If price does take out demand it still needs to deal with MN/W1 QLo right below which could be reactive
Daily – Bullish
- Huge D1 Bull Engulf rejecting D1 QLo giving D1-C-D 1629.875
- Price closed within a D1 Supply Base level (coinciding with D1 50MA in DT) and almost took it out closing on its high.
- Conjecture: price closed within a D1 Supply Base level and above the previous accumulation range which could suggest a continuation higher.
- Price trading at D1 50MA in DT could see some sellers coming in.
- BIg move up could see some retracement
Sentiment summary – Bullish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
