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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.
Monthly – Bullish
- Closed above previous structure high closing as an Inverted Hammer
- Price made a HH and took out Supply
- Conjecture: Inverted Hammer indicates possible sellers still being around although a continuation is more probable. Although having made a HH taking out Supply could see sellers come in.
Weekly – Neutral
- Price failed to make a HH instead price closed as a Spinning Top with longer selling wick
- Conjecture: Price closing as a Spinning Top could see a push down however it could still be a Base and potentially push higher.
Daily – Bearish
- D1 QHi rejected, followed by a test through D1 Three Outside Down giving D1-C-S 2030.812 with slight continuation lower. Although price failed to close within. D1-C-D 2004.826
- Possible D1 Phase 3
- Conjecture: A momentum move implies an immediate push lower. In absence of that price could push higher instead.
Sentiment summary – Neutral
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
