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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 had formed a W1 Three Outside Up but failed to pull through on momentum
- Instead price closed as a W1 Bear Engulf within Newly formed demand
- Price trading at W1 200MA in UT
- Conjecture: Price failed to hold onto the momentum and instead reversed creating a Supply Low in Dist. Curve. A repeated test of newly formed Supply could negate the bearish thesis.
- Price reached an old W1 Base Demand Level and could see a continuation to originating level of 1546.360 (although lots of other congestion in the way)
- As price has not yet pulled through to MN/W1QLo price could test these levels first before more buyers come in.
Daily – Bearish
- Price consolidated but then continued lower closing within D1 QHi creating new supply giving D1-C-S 1666.158
- Conjecture: Price retraced to a D1 Base Demand Level indicating a possible further probe of originating level of 1625.693.
- Price closed within D1 QLo although could still see buyers coming in.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
