$GC/$MGC Weekly Outlook 7/27-7/31Gold FuturesCOMEX:GC1!DTXFlowGC1! MGC1! A very interesting close to the prior weekly auction leaving behind 3 distinct distribubtions (denoted by the humps of value and volume from the profiles) but closing as balanced/neutral due to weekly settlement inside the value area of the weekly auction. Value control initially started lower in the week with shfits higher that was rejected before finding the final distribution in the middle. When reading the weekly value control (pW-TPOC), you read the TPOs from left to right. A majority of trade has defined value here around ~4050s, sharing the price region with one of the largest trade levels from a 30-day look back. The trade level is dervied from large block activity on the Gold Sector ETF GLD and converted into GC levels via ratio-conversion. I have toggled off the daily auctions to show better visualization but marked the Friday 7/24/26 daily auction references. A tight cluster of auction references sit here between 4043-4051 and will be the focal point in which direction GC will trade relative to the other distributions. Friday did not offer much direction being a two-way session but the MAIN zone to watch will be 4043-4051 into next week. Under the assumption the large trade level holds as well as responsive buying persists at the value low, Friday's high becomes the target but might run into some sellers again who likely engaged above the other large GLD trade level at 4082 and above. Above this, the prior weekly value high (pW-VAH) is the next target and may extend rapidly as this is also a low volume region; LVNs (Low Volume Nodes) can produce rapid movements or swift rejections. Because not much value has traded here, there is a chance the daily auction this week might balance in this region before continuing further into the upper distribution in the 4120s. Patience is always required when it comes to AMT. Levels are prone to being tested multiple times as participants decide if it is worth rejecting or accepting certain areas. MAIN OBSERVATION: 4043-4051 (Friday VAL + GLD trade level + Prior Weekly Value Control) - At the start of the week, it balanced and led higher. The expectation for me is a similar response; holds the large demand level and rotates again higher