XAUUSD | New perspective | follow-up details

This is a follow-up video to the last week's analysis on the XAUUSD where we scooped over 4,000 pips profit to start the year on a positive note. Gold appears to be on the verge of recovery as price action breaks out of a strong supply zone ($1,820) for the first time in months to send a signal of new hope. In this video, we look at the current market structure from a technical standpoint and have decided to utilize the $1,860 level as the basis for trading opportunities this week.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Trade active:

The week has started on a bullish note as price action continues to find higher highs. So, for those who held the buy position over the weekend, secure the position by moving stop loss accordingly as selling pressure is observed at the $1,880 level in the last 8 hours. A breakout/retest of the $1,880 should signal a buying opportunity. However, we can not ignore the possibilities of selling opportunities from this structure if we consider the selling pressure observed at the $1,880 level (I will share the set-up to look out for selling opportunities in my second comment).

Good morning

Comment:

15-minute timeframe reference on bearish potential - counter-trend opportunity

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Quick update on 15 min - timeframe

Secure sell position as sell pressure continues... You might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade

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Despite been taking out of the previous sell position at break-even, selling pressure continues below the $1,880, another sell position running with an opportunity to add more position at the breakdown/retest of the $1,872 level. Remember, that we are keeping the option of a breakout/retest of the $1,880 open for buy opportunities.

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Quick UPDATE

Secure all sell positions as selling pressure continues

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Secure all sell positions as buying pressure appears to have resume below the $1,872 level where we have a new demand zone. So, I won't be adding any sell position unless price action breakdow/retest the new demand zone.

Good morning

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While holding on to the sell position; Let's not be weary of a false breakout of the bearish trendline. We won't be buying unless a breakout/retest of the $1,876

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We are beginning to see the reflection of the anticipation of the Fed's Chair Powell's speech in an hour, you might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade

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Price takes out the sell position as the buyu stop gets triggered at both the $1,876 and $1,880 as projected. Secure all buy positions

Good morning

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Secure buy positions as sell pressure resurface.

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Trade active:

Just as discussed during our live session today; the price takes out the buy position with some profit to trigger our sell position at the breakdown of the $1,880 level. Secure sell position as we anticipate opportunities to add position if the price remains below the $1,880 level. If you missed our live session today, you might want to watch the replay on my youtub channel for insights on how to manage this trade

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Secure sell positions as second position is triggered;

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Buying pressure resumes again around the $1,870 zone as the price takes out some of the sell positions. Sellers are finding it difficult to break down this structure. There is a high chance that bullish momentum will come in at the breakout/retest of the $1,876 level which will give us an opportunity to buy the Gold.

Comment:

We still keep the option of a breakdown/retest of the $1,870 for selling opportunities.

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Trade active:

With over 700pips profit, secure the current buy position as selling pressure resumes below the $1,885 level. So, a breakdown/retest of the $1,880 could incite a new wave of bearish momentum.

Good morning

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Second buy position was triggered at the break of the $1,885 level. The anticipation of the Consumer Price Index publication in an hour likely brings some surprises. We discussed this at length during our live session this morning; if you missed it, watch the replay on my youtub channel for insights on how to manage this trade.

Trade closed manually:

Price action takes out all positions with about 700pips profit. THe CPI figures came in just as projected by the consensus. So, I will be waiting for this candle to close before making an informed decision. Update coming up soon

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So, in the 5-minute timeframe is a simple set-up that supports a bearish momentum as the breakdown/retest of the $1,892 level - a level that shares a confluence with a temporary bullish trendline.

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Taking a pause since yesterday to monitor price action. Even as selling pressure is identified at the $1,900 level in the last 12 hours, the bullish momentum since yesterday might likely breakout/retest this level to incite another wave of bullish momentum as the price is caught within a 5-dollar channel.

Good morning

Trade active:

Buy position triggered as price action breaks out of the channel identified earlier; secure the position as we look forward to more trading opportunities. See you at the live session 45 minutes from now!

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Trade active:

Just as discussed during our live session today (video uploaded on my youtub channel); secure positions

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The CSI failed to boost the US Dollar as bullish momentum continues breaking out of the $1,910 level to trigger a second position. Secure all positions an opportunity for more positions at the breakout/retest of the $$1,916 level.

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Third position was triggered at the breakout of the $1,916 level as price action approaches the TP target. Secure all buy positions