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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
- MN Bear Engulf giving MN-C-S 1905.787 rejecting MN QHi, price is trading mid swing
- Last month closed closer within MN demand but did not make a LL
- Developing month made a LL and is currently testing MN-C-D 1738.757
- Conjecture: Even though price closed within MN demand there is more demand right beneath it (as well as price nearing MN UKC in UT) and could see some reaction.
Weekly – Bearish
- Big W1 Bar down closing below W1 LKC above MN/W1 demand
- Price trading within Wide W1 QLo and price got close to taking out swing low
- Conjecture: Price closed well below previous range, although extended below VWAP could see a rubber band move back up. Although no reversal yet. Price trading a Wide QLo could see a continuation and eventually take out the swing low. Although with huge demand below, price could start reacting.
Daily – Neutral
- Price slowing down at MN/W1/D1 demand forming a weak Morning Star
- D1 QLo sharing the same levels as W1 QLo
- Conjecture: Due to the wide QLo price could see a continuation. Although, again price is trading extended below VWAP and perhaps there could be some kind of retracement. More information is needed.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
