XAUUSD | New perspective | follow-up details

Amidst uncertainty over the extent of the Federal Reserve’s future tightening path, the U.S. dollar weakened and went on to close the week at a 2.7% loss. Despite a series of robust economic data releases in recent times, including inflation pushing in at elevated levels, there are high expectations that the U.S. central bank will deliver a 50 basis point rate hike in two weeks’ time. So in this video, we have taken the time to observe the charts from a technical standpoint to decipher how to prepare for the new week.

00:45 Reference to last week's daily commentaries and results
05:05 XAUUSD Technical analysis on Daily chart
09:00 Macroeconomic events to look out for the week
11:05 XAUUSD Technical analysis on 4H Timeframe
13:54 Conclusion on next week's expectation on XAUUSD

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:

Price has been trading within a range since the beginning of the week. A breakout or breakdown of the channel shall welcome trading opportunities.

Good morning

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You might want to watch the replay of our live session today as there are some comments regarding the management of this trade that will be more understood watching the illustrations

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Buying pressure resumes hence a buy-stop order above the $1,854.
With the current structure selling won't be considered unless a breakdown/retest of the 1,848.50 zone

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Secure sell positions

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As projected, the rejection of the $1,1845 level triggers a buy position with the hopes of a breakout/retest of the $1,848.50 as we anticipate the Fed Chair Jerome Powell's testification before the US Congress today.

Good morning

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Secure sell position; watch the replay of our live session this morning for details

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Quick update

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Second sell position is triggered as we get close to the beginning of the Fed Chair's testification. Secure all sell positions now

Trade closed: target reached:

With over 4,500pips in profit as price action hits TP target at the $1,820 level. A sell stop order is placed below this structure for a potential trend continuation

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New position triggered at the breakdown/retest of the $1,820

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Secure the sell positions; update coming up soon

GOod morning

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During our live studio session this morning, we identified a simple set-up on the 15-minute timeframe

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During our live session this morning; we had a counter-trend opportunity triggered; position is secured

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Secure the buy position

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We are not getting carried away with this bullish momentum as the current structure still has a high chance of selling opportunities hence the need to set our sell positions. Update coming up soon

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Following positive ADP data; Price action takes out all buy positions with a small profit. LEts wait for normalcy to come in before making any decision from this structure. Update coming soon

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Buying pressure resumes at the resistance line of the channel.

Good morning

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Secure buy position

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Potential reversal pattern identified

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Secure all buy position as price action breaks out of the $1,820 level

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TP target zone hit with a cumulative 3,000 pips profit (2 positions). Waiting for new structures

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QUICK UPDATE

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The fourth buy position is triggered as price action breaks out the $1,831 level. Secure all buy positions now as selling pressure could come in anytime soon

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All buy position remains secured

Good morning

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20 minutes into the NFP

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Secure buy position as buy stop triggers at the break of 1,837

Trade closed: target reached:

TP target hit with 2,300 pips in profit.

Happy weekend every one!