XAUUSD | Perspective for the new week | Follow-up details

Dest the long-term bearish momentum on the XAUUSD, the $1,620 level has continued to hold buying pressure in the last couple of months to insinuate the possibility of a momentum shift in the nearest future. The US Dollar plunged on Friday despite the United States adding 261,000 jobs last month in its October non-farm payrolls report and from a technical standpoint this might not be a good sign for the Greenback. However, it is important that we keep our options open as the need to see how price action relates to the $1,680 level in the early hours of the new week might be a major determinant of where the price will be heading this week.

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Trade active:

The sharp rejection of the important key level at the $1,680 level by the sellers followed by an engulfing bearish candle might be a sign that a selling momentum could be the order for the week. So, at this point I will be using the $1,670 level to guide selling opportunities as a breakdown/retest of this area is enough sign to sell. However, if a breakout of the $1,680 level happens, I will be seeing it as a bullish signal.

Good morning

Trade active:

Current structure still supports a reversal pattern but if a breakout of the $1,680 happens, we might be getting ready to buy the Gold this week.

Trade active:

Readjustment... As long as sellers continue to reject the $1,680 level, a breakdown/retest of the $1,675 might incite a bearish momentum.

Trade active:

Sellers have been unable to break below the current structure as buying pressure lingers around the $1,675 area in the last 6 hours; I am of the opinion that this might lead to the final breakout of the $1,680 level to incite a trend continuation to the upside.

Trade active:

The sell position was triggered as the price continued to trade below the key level at $1,680, securing the position... Update coming soon

Good morning

Trade closed manually:

Break-even level hit as buying pressure begin to surface

Trade active:

It's over 3,000 pips in our direction as buy stop got triggered. The price action finally breaks out of the important key level at the $1,680 zone setting the tone for bullish momentum. Its time to secure the buy position and lets look out for another opportunity to add more position to the existing trade. Update coming soon

Trade active:

Selling pressure is identified at around the $1,717 zone and this could transition into a retracement of the previous leg into the buy zone area in anticipation of a trend continuation. However, if the price takes out all the sell position at the $1,717 area by breaking out of this structure then we might be seeing this as a bullish signal. Counter-trend and scalpers could take advantage of the retracement at the identification of selling pressure on lower time frame.

Good morning

Trade active:

Counter trend/scalpers might be looking to join the breakdown/retest of the $1,707 level.

Trade active:

With continued buying pressure around the $1,707 area in the last 24 hours; I am of the opinion that the price might eventually breakout/retest the $1,717 to confirm a trend continuation pattern in the form of a bullish rectangle pattern. Note that we still cannot ignore the possibility of a breakdown/retest of the $1,707 to incite a retracement phase. Update coming soon...

Trade active:

A breakdown of the $1,707 finally happens.

Trade active:

We are yet to see a successful retest of the $1,707 level for selling opportunities. The possibility of a breakout of $1,717 can not be ignored. Update coming soon as price action is been monitored.

Good morning

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UPDATE

Over 1,500pips to the upside; securing position with hopes that we might get opportunities for additional positions

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Over 3,500 pips in our direction as we continue to monitor price action for another opportunity to add to the existing position. Ensure current position is secured

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Over 9,000 pips in total since the beginning of the week. At this juncture, we secure the current and remain patient for the market to give us further signals.

Trade active:

Securing the current position to avoid being caught up in any sudden pullback as we look forward to adding position at the breakout/retest of the $1,757 area.

Good morning

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UPDATE

Ensuring positions are secured; I am going in for the live session in a moment... See you on the other side.

Trade active:

UPDATE
Ensure the current position is secured

Trade active:

It has been a profitable week... Congratulations to everyone who took part in this movement!

Happy weekend to you