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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.
- Price started reacting off MN 50MA in UT and is currently trading above body, above range
- Price is starting to react off MN VWAP
Weekly – Bearish
- Price started reacting off W1-C-S 1773.738 and closed as an Inverted Hammer
- Price made a LL and is trading below body, below range
- W1 QLo rejected, price trading mid swing
- Conjecture: Price had a big move but failed to close within supply, Then consequently failing to close within it shows a possible retracement of the previous big rally. Unless price can continue higher and close within Supply (or take out) price could see more selling coming in. However, have to stay open for a continuation as an Inverted Hammer usually signals a continuation instead of a reversal.
Daily – Bearish
- D1 Three Outside Down closing at D1 QHi, with continuation closing below D1 QHi in effect rejecting it.
- Conjecture: Price has rejected D1 QHi and is extended above D1 VWAP (as well as D1 UKC) and could see a retracement to VWAP. A further confirmation of the retracement would be a move back to D1-C-D 1711.648 BASE level.
- If buyers are strong, price could reverse above that
- If price hit the Base Demand level it could see a continuation to originating move of 1630 although Base level being around the round number of 1700 this could again bring buyers in.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
