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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.
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
- W1 failed to close within W1-C-S 1773.738. Instead price made an Inside Bar followed by a Hammer
- W1 QLo rejected, price trading mid swing
- Conjecture: W1 Broke out from VWAP and is trading above and there is a possibility for some accumulation before trading higher.
- The Inside Bar followed by a Hammer could see another Drop
Daily – Bearish
- D1 QHi rejected and price reversed giving D1-C-D 1741.147 Momentum and is currently testing D1 QHi again forming a Long-Legged Doji
- Conjecture: D1 Three Outside Up indicated possible momentum coming in but this dwindled quickly just below D1 QHi so if D1-C-D 1741.147 gets tested price could see a continuation.
- If price can close within D1 QHi the opposite might be true.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
