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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 – Bullish
- Closed above previous structure high closing as an Inverted Hammer
- Price made a HH and took out Supply
- Conjecture: Inverted Hammer indicates possible sellers still being around although a continuation high is more probable. Although having made a HH taking out Supply could see sellers come in.
Weekly – Bearish
- W1 Evening Star with continuation last week closing at W1 VWAP in UT activating Q points price trading mid swing coming from W1 QHi.
- Conjecture: price trading at W1 VWAP in UT could see some reaction. However as price closed below previous structure low price could see a further continuation lower.
Daily – Bearish
- D1 DBD giving D1-C-S 1971.156 BASE closing within Wide D1 QLo (ducking below D1 LKC) as well as D1-C-D 1965.276 followed by some consolidation
- Conjecture: price trading within a Wide D1 QLo could see a continuation further down. Even though MN Demand HiDC is not far off so price could probe further down as it coincides with a D1 Base Demand level.
Sentiment summary – Bearish
Additional notes
- N.A.
Focus Points for trading development
- Monthly Goals
- Use SL scaling
