XAUUSD | New perspective | follow-up details

Amidst the U.S. debt crisis saga market participants were reluctant to have open sell positions into the weekend, on the off chance that an agreement to raise the U.S. government’s debt ceiling is struck over the weekend hence the engulfing bullish candle observed on Friday. The reluctance of holding short positions resulted in the bullish green light to officially settle Friday’s session at 1,978.78 an ounce (just around the key level at the 1,980 zone), up by 1.1% on Friday. In this video, we dissected the current market structure for trading opportunities both the buyers and sellers have in this market ahead of the new week while taking into consideration the handful of economic features from the U.S. docket.

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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.
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Past performance is not necessarily indicative of future results.

Comment:

Price action oscillates around our key level at the 1,980 zone, waiting patiently for a signal.

Good MOrning

Trade active:

150 pips running in profit, secure sell position; we shall be looking out for more opportunities, updates coming up soon.

Good Morning

Trade active:

Fall out from our live session this morning

Secure all sell positions as buying pressure resumes - negating the seller's attempt to break down the 1,957 zone... a strong demand zone. I will drop a new setup on the 15-minute timeframe in a moment.

Trade active:

Outlook on 15 minutes time frame

Trade active:

Two buy positions running in profit; secure positions as we lookout for more opportunities.

Trade active:

UPDATE

Secure all buy positions. The breakout/retest of the descending trendline is likely going to be the beginning of another wave of bullish momentum

Trade active:

Secure all buy positions as we look out for more opportunities.

Good Morning

Trade active:

Buyin pressure resumes at the retest of the trendline that was broken yesterday.

Comment:

We continue to witness multiple retest of the trendline around a strong demand zone at the 1,957 zone in the last 15 hours. So, price is currently ranging within the 1,964 and 1,957. We hold on to a bullish bias at the breakout/retest of the 1,964.

Good Morning

Trade active:

The GDP data came in positive at 1.3% and is generally considered positive for the USD hence the breakdown of the demand level at 1,957 triggered our sell position. Secure sell position

Trade active:

UPDATE

New opportunity identified; ensure sell positions are secured

Trade closed: target reached:

TP target hit on sell position with 170 pips and since testing the 1,940 zone, buying pressure has resumed and I just missed that! Let's how price action reacts to the 1,955/1,957 zone for our next line of action.

Good Morning

Trade active:

Secure sell position

Trade active:

Ensure the sell position is secured and recall our plans as regards the current structure during our live session today. A new higher low will incite buying opportunities at the breakout/retest of the 1,957 zone