2022 November Week 4 Outlook GOLD
November Week 4 Outlook for Gold
Bias for the Week: BULLISH:
Reason
Weekly - Market timeframe supported off of a major weekly key level at price point 1750.000
Daily - Market timeframe support off of a major daily key level at price point 1734.000
Daily - Creation of a new higher low structure from last week, thus expecting the market condition to be bullish this week on the 4hourly chart.
4h - In this timeframe, the market supported off of the daily key level 1734.000 and ended up creating a double bottom structure in the same week last week. Thus potentially
changing the market condition from bearish to bullish later on this week
What will change the bias?
If price decides to push back down to the daily key level AND previous week low at price point 1734.000 and break that daily key level then bias will change to shorts. But ultimately if it continues to support off of said key level, then a consolidating market condition may also be very possible.
Bias for the Week: BULLISH:
Reason
Weekly - Market timeframe supported off of a major weekly key level at price point 1750.000
Daily - Market timeframe support off of a major daily key level at price point 1734.000
Daily - Creation of a new higher low structure from last week, thus expecting the market condition to be bullish this week on the 4hourly chart.
4h - In this timeframe, the market supported off of the daily key level 1734.000 and ended up creating a double bottom structure in the same week last week. Thus potentially
changing the market condition from bearish to bullish later on this week
What will change the bias?
If price decides to push back down to the daily key level AND previous week low at price point 1734.000 and break that daily key level then bias will change to shorts. But ultimately if it continues to support off of said key level, then a consolidating market condition may also be very possible.
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