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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 almost reached MN QLo, Round No. of 1600 just below it
- 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 – Bearish
- W1 Inside Bar with longer buying wick formed just below W1 200MA in UT after price reacted off OLD W1 Demand Base level
- Price has not yet tested MN/W1 QLo
- Conjecture: Price tested a W1 Demand Base level which could indicate a possible continuation to W1-C-D 1546.360 and W1-C-D 1471.175.
Daily – Bearish
- Price tested D1-C-S 1670.973 Low in Dist. Curve (coinciding with D1 VWAP in DT TC) and closed as an Inverted Hammer below as a possible consolidation
- Conjecture: Price failed to close within D1 Supply and as it’s trading at D1 VWAP in DT possible TC price could move lower from here. Although due to the D1 Supply being low in dist. curve multiple tests of said supply could see a reversal negating the bearish thesis.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
