2022 December Week 1 Outlook *XAUUSD
Predicted Bias for the week: BULLISH
Reasoning:
Overall Bullish market condition from last week's macro timeframe analysis ~
Weekly - Heavy support off of price zone 1750.00 from three weeks ago
Daily - Strong bullish continuation impulse following from last week, indication of continued bullish momentum
4h - Continued creation of newer higher highs/lows with the most recent structural high already being broken upon Sunday Asia session open
Deciding factor(s) that will decide a change in bias:
If and only if market continues to reject off of 1803.500 and create indications off bullish exhaustions in the market ie. market pattern reversals on the 4h chart, followed by bullish exhausted price action on the Daily timeframe.
Reasoning:
Overall Bullish market condition from last week's macro timeframe analysis ~
Weekly - Heavy support off of price zone 1750.00 from three weeks ago
Daily - Strong bullish continuation impulse following from last week, indication of continued bullish momentum
4h - Continued creation of newer higher highs/lows with the most recent structural high already being broken upon Sunday Asia session open
Deciding factor(s) that will decide a change in bias:
If and only if market continues to reject off of 1803.500 and create indications off bullish exhaustions in the market ie. market pattern reversals on the 4h chart, followed by bullish exhausted price action on the Daily timeframe.
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