XAUUSD | New perspective | follow-up details

Following another profitable week for us on the XAUUSD (see link below for reference purposes); Gold hit a one-month high on Friday with strong signals that it may be ready to break free of the mid-$1,800 - $1,820 range it has been trapped in the past four weeks. Following the Labor Department reporting a number that again beat forecasts but not as much as in January, a smaller rate hike of probably 25bps looks more likely as against the broadly anticipated 50bps. In this video, we looked at the market strcuture from a technical standpoint with the hopes of identifying a potential trading opportunity ahead of the new week.

Trade active:

Though the week has started on a bullish note as price action is caught within a consolidation phase. We are going to be patient for a break out of structure for trading opportunties.

Good morning

Trade active:

Secure buy position

Trade active:

Secure the buy position as we look forward to more opportunities at the breakout/retest of the $1,915 zone. However, a breakdown/retest of the $1,904 level will welcome selling opportunities.

Good morning

Trade active:

Sell position still running in a loss as buying pressure resumes above the $1,904 level

Trade active:

The sell position still running and back into the profit zone after running in a loss in the last 24 hours. The newly identified bearish trendline will serve as a yardstick for trading activities for today.

Good morning

Trade active:

Just as discussed during our live session today; secure all sell positions

Trade active:

Buying pressure resumes as all sell position is taken out with a small profit

Trade active:

Secure buy position

Trade active:

Trade active:

Trade active:

Trade closed manually:

So, price action takes out the buy position with a small profit

Trade closed manually:

1H Timeframe

Comment:

We are at a confluence as we anticipate a potential move to either side. So, the bearish trendline will serve as a yardstick for a trading activity for today. Update coming up soon or join our morning live session for detailed technical insight into the current structure.

Good morning

Comment:

Trade active:

Just as discussed during our live session today; secure all buy positions

Trade closed manually:

Selling pressure resumes, taking out all the buy positions with a small profit. A breakdown/retest of the bullish trendline and $1,920 level will be welcoming selling opportunities.

Trade active:

Just as projected earlier, the breakdown of the bullish trendline insinuates selling opportunities as price action takes out the buy position>

Comment:

Buying pressure negates bearish expectations. Let's see how price action reacts to the $1,930 level for trading opportunities. See you at live session

Good morning

Trade active:

Structure identified during our live session; secure buy position

Trade active:

Secure buy position

Trade closed: target reached:

1,700 pips in profit as price action hit TP target ahead of the Consumer Sentiment Index release