XAUUSD | New perspective | follow-up details

Despite Friday's report that showed U.S. consumer sentiment slumped to a six-month low in May, the US dollar rose. The Gold commodity has been a popular inflation edge, but the sentiment in the market is looking "mixed" as worries that political haggling to raise the borrowing cap could trigger a recession in the US. In this regard, the XAUUSD chart reflects an indecisive phase as price action remain within the 2,050 and 2,000 range since the beginning of the month. In this video, we dissected the current market structure from a technical standpoint to decipher the potential move of price action in the coming week as we look forward to the Retail sales data from US economic docket.

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Comment:

The new week has started on a bullish note. The newly identified trendline on the 1H time frame shall be our guide for today as we look out for buying opportunities at the breakout/retest of the 2,019/2,020 zone while the breakdown of the trendline will prepare us for selling opportunities.

Good MOrning

Trade active:

The fallout from our live session today; sell position is now triggered at the breakdown/retest of both the trendline and the 2,014.50 level on the lower timeframe.

Trade active:

Buy pressure resumes

Trade active:

Secure sell positions as we look forward to more opportunities at continued selling pressure from key levels.

Good Morning

Trade active:

The retail sales is about 12 minutes from now; secure all sell positions

Trade closed manually:

Sell positions were taken out with a small profit and just as discussed during our live session today - a breakout/retest of the 2,014.50 level and the trendline will be inciting buying opportunities.

Trade active:

Break down of the 2,000 level triggers a sell position, secure all positions

Trade active:

Secure sell position as selling pressure continues

Good Morning

Trade active:

We already have a bearish signal as price action breakdown and is currently retesting the 1,986 zone. Please keep the option of buying opportunities open

Trade active:

Please note that buying pressure is observed as bears are still struggling to successfully break down the 1,986 level. Let's be on standby for buying possibilities just in case the bulls take over.

Trade active:

UPDATE
Sell pressure continues

Trade active:

Simple setup identified on the 15 minute timeframe

Trade active:

Selling pressure continues as price action breaks down the 1,980 level; secure positions

Good MOrning

Trade active:

Fallout from our live session this morning

After ensuring that all sell positions are secured, a new setup is identified on the 15 minute timeframe

Trade active:

Secure sell position

Trade closed: target reached:

TP target just hit on all sell positions with approximately 400pips profit. Looking out for more opportunities at the breakdown of the 1,960 zone

Trade active:

After hitting TP target a moment ago. Another sell-stop order is triggered below the $1,960 level. Time to secure position

Trade closed manually:

After a long fall in price, recovery appears to be happening ahead of the Fed Chair's speech coming later in the day. With the appearance of buying pressure, we shall be looking out for buying opportunities above the 1,960 zone and further breakout/retest of the trendline at the 1,970 level will welcome more opportunities

Comment:

UPDATE

15-minute outlook

Trade active:

Sell position triggered

Trade active:

Price action takes out all the sell positions with a small profit to trigger the buy position at the breakout of the 1,970 level. Secure buy position as we round off for the week.