Market Outlook | 02 August 7 pm AEST

Good evening all.

Something a little different tonight, the Monthly chart. 🤪

I know, I know, I always say we don't need to know where the price will be next week, day or even next session to make money and I honestly don't think I've ever shared a Monthly chart before because I rarely look past the Daily for my intraday framework but with a new month starting it is worth zooming out and acknowledging what the bigger picture is showing.

Since March Goldie has printed 4 consecutive bearish monthly candles with one bullish candle last month. MACD on the Monthly is rolling over from extreme highs. That alone doesn't mean much in isolation but combined with the liquidity pool sitting below, I think it is worth having that on your radar.

Not predicting a drop to $3400. Simply mapping out what the chart is showing as a possible outcome if the current bearish structure continues. As always, we'll let price action tell us the story and react accordingly rather than trying to predict the future.

If enough interest is shown on this post idea I'll post Daily session outlook as the month progress in the notes below.

For now I'll drop you some key levels to watch for those brave enough to swing trade XAUUSD

For Long:
Watch Zone $3490 - $3400

For Short:
Daily Watch Zone: $4900 - $5000

I am not predicting a drop to $3400 or a jump to $5000 tomorrow. Simply mapping out what the chart is showing as a possible outcome if the current bearish structure continues or if the price heads back up.

Plan. Watch. React.

God bless.