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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 tested a W1 Base Demand Level saw some reaction but failed to pull through
- Instead it formed a W1 Bear Engulf giving W1-C-S 1664.493 Low in Dist. Curve
- Price tested newly formed W1 Supply, made a LL almost taking out W1 Demand End but closed as an Inside Bar
- Price has not tested MN/W1 QLo yet
- Conjecture: Price came close to taking out W1 Demand but started reacting but then failed to close within newly formed Supply.
- Price having reached a W1 Base Demand level suggests a possible continuation to originating level of 1546.360 (although still far off, with lots of congestion in the way).
- Price could pop demand, test MN/W1 QLo with round number of 1600 below before reversing the bearish sentiment
Daily – Bullish
- Price started reacting at W1/D1 demand and traded higher closing above D1 QLo
- Price trading below D1 VWAP/LKC in DT
- Conjecture: Even though price closed quite bullish as a Marubozu candle above D1 QLo it is still not in the clear with D1 Supply, VWAP right above. If price starts to wane on momentum it could negate the bullish thesis.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
