XAUUSD | GOLDSPOT | New perspective | follow-up details

Welcome to our Goldspot analysis for the week! Despite speculations suggesting otherwise, Gold is far from being dead after the U.S. debt ceiling deal has been finalized. Although futures of the yellow metal experienced a slight decline on Friday, breaking a three-day winning streak, the drop was not enough to erase the gains made in the previous days. As a result, Gold remains in positive territory, instilling hope for continued bullish momentum.

In addition to the U.S. debt ceiling deal, we also explore the impact of the latest U.S. job data on Gold prices. While the data showed stronger-than-expected job numbers, it also revealed a rise in unemployment and a slowdown in wage growth. These mixed signals have led to a divided opinion among economists regarding a potential interest rate hike during the Federal Reserve's upcoming meeting on June 14.

In this video, we delve into a comprehensive analysis of XAUUSD's bullish/bearish sentiment and accumulation/distribution patterns. Through a thorough examination of past price patterns, market behavior, recurring trends, support and resistance levels, and other essential insights, we assess the potential of both sellers and buyers from a technical standpoint. By identifying a key level at 1,955 and recognizing that price action has been confined within a range in recent weeks, we equip ourselves with the necessary knowledge to make informed trading decisions for the upcoming week.



Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.

It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.

Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.

Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.

Trade active:

The week started off with a significant bearish momentum as the price action consistently forms lower highs. Therefore, we will utilize both the newly identified descending trendline and the flat channel on the chart as our trading guide moving forward. If you have maintained open positions over the weekend, it is advisable to secure your sell positions at this time. We will delve into this topic further during our live session this morning.

Good Morning

Trade active:

The sell position has been activated, and it is recommended to take precautionary measures as we rely on the trendline as our trading guide for today's activities.

Trade active:

So sell position has been taken out ss the buy-stop order was triggered at the breakout of 1,944.20 and the bearish trendline. It is recommended to secure the current buy position while we continue to monitor the price action.

Trade active:

Three positions now triggered, secure positions

Trade active:

15-Minute Outlook

Trade active:

The resumption of selling pressure becomes evident as buyers encounter challenges in breaking out of the 1,962 zone. It is imperative to secure all buy positions due to the increasing likelihood of a retracement. Stay tuned for an upcoming update.

Good Morning

Trade active:

Let's ensure the security of the buy position as buyers face difficulties in sustaining momentum above the 1,963 level. If there is a breakdown/retest of the 1,963 level, it could potentially trigger a bearish momentum. Therefore, let's incorporate this possibility into our plan for the New York session.

Trade active:

We initiated another buying position when the 1,963 level was broken, confirming the volatile nature of the Gold market after closing both our buying and selling positions earlier today. We advise securing the buy position while we closely observe the price movements.

Trade active:

The buy position was closed at breakeven, and the sell position was eventually initiated when the price broke down the 1,963/1,961 zone. It is now important to secure the sell position while closely observing the price movement for potential future opportunities.

Good Morning

Trade active:

Following the exit from the buy position, we observed the activation of all sell-stop orders as the price broke down the levels of 1,955 and 1,950. It is now necessary to secure all sell positions.

Trade closed manually:

All selling positions have been closed, and the price movement has entered a phase of consolidation. It is important to be patient at this point. I will provide an update on a shorter time frame shortly.

Good Morning

Comment:

OUTLOOK on the 15-minute timeframe

Trade active:

Lock in the buy position as the price action successfully breaks out of the 1,948 level.

Trade active:

With a running profit of over 200 pips, it is advisable to secure the buy position while remaining alert for further opportunities to buy if the market presents them.

Trade active:

Since my previous publication, the price action has remained confined within a consolidation phase. As a result, our only option is to exercise patience and observe how the price action responds to this pattern before determining our next course of action. Ensure positions are secured

Good Morning

Comment:

Structural update from our morning live session

Trade active:

Now is the time to secure the buy position while keeping an eye out for additional opportunities.

Comment:

Here's an update on the 15-minute timeframe:

We have identified a newly formed ascending channel, which will serve as our guide for future trading activities.

Trade active:

After being removed from the buy position, the price action has triggered sell-stop orders. It is advisable to secure positions at this point while keeping an eye out for further opportunities.

Trade closed manually:

We have exited the sell position with a modest profit as we revert back to the previous state.