My Weekly outlook for gold
Weekly: Price is still overall bullish but looks to
have been met with a lot of selling pressure
@1900.00 sellers could be stepping into the
market to give price the pullback that is needed
after a massive bullish push last 3 weeks price
has failed to break and close above 1900 and last
weeks candle has now engulfed the previous weeks
Daily: Price looks to have finally broken
structure failing to break above 1900 and also
failing to create a new higher high breaking and
closing below the 20SMA and engulfing the
previous 4 candle sticks first level I can see
buyers possibly stepping back into the market
is 1855 where there has previously been alot of
buying pressure
H4: price has formed a double top at resistance
being 1900, broken both moving averages and
have now crossed red over blue indicating more
selling pressure and also broken previous higher
low point and strong H4 level of support and
resistance now looking for a possible retest
of broken support to see if it can hold as a level
of resistance to short gold into previous lows or
new lows being 1855
H1: Looking for a possible retracement into
broken support to see if it can hold as a level
of resistance which will give me more
confluences being a 0.5 PRZ level, retest of
broken support, seeing if moving averages can
be used as form of resistance and then will just
need a price action entry signal
Weekly: Price is still overall bullish but looks to
have been met with a lot of selling pressure
@1900.00 sellers could be stepping into the
market to give price the pullback that is needed
after a massive bullish push last 3 weeks price
has failed to break and close above 1900 and last
weeks candle has now engulfed the previous weeks
Daily: Price looks to have finally broken
structure failing to break above 1900 and also
failing to create a new higher high breaking and
closing below the 20SMA and engulfing the
previous 4 candle sticks first level I can see
buyers possibly stepping back into the market
is 1855 where there has previously been alot of
buying pressure
H4: price has formed a double top at resistance
being 1900, broken both moving averages and
have now crossed red over blue indicating more
selling pressure and also broken previous higher
low point and strong H4 level of support and
resistance now looking for a possible retest
of broken support to see if it can hold as a level
of resistance to short gold into previous lows or
new lows being 1855
H1: Looking for a possible retracement into
broken support to see if it can hold as a level
of resistance which will give me more
confluences being a 0.5 PRZ level, retest of
broken support, seeing if moving averages can
be used as form of resistance and then will just
need a price action entry signal