XAUUSD | Price Action | New Week perspective | follow-up details

Welcome back to another episode where we dive deep into the dynamic world of Gold. The bulls' recent positive traction lifted Gold's price on Friday; Breaking a four-day losing streak, it surged from its lowest point since March, hovering above the pivotal $1,885 zone.

Adding to the intrigue, the US macro data paints a portrait of an exceptionally resilient economy, lending strength to the Federal Reserve's hawkish stance. This fortifies the US Dollar (USD), holding it near its peak for over two months, thus constraining Gold's ascent.

Beyond these nuances, traders exhibit a certain caution, likely opting to wait on the sidelines as the momentous Jackson Hole Symposium looms on the horizon next week. Brace yourselves for market volatility as central bankers' comments wield their influence. As the anticipation builds, US bond yields emerge as the juggernauts shaping USD dynamics in the absence of significant domestic economic data.

The broader risk sentiment becomes a compass that will be guiding our trading decision toward short-term opportunities.

Stay tuned as we navigate through the intricate tapestry of Gold's journey, dissecting trends, patterns, and possibilities.

XAUUSD Technical Analysis:
In this video, we delve into XAUUSD's price action, decoding accumulation, and distribution patterns. By analyzing historical price moves, market behaviors, and buyer-seller dynamics, we extract insightful cues. The strategic approach? Waiting for compelling follow-through buying signals to confirm a potential near-term bottom for the USD-linked Gold before diving into bullish ventures.

The $1,895 and $1,885 zones take center stage. Its historical significance makes it a crucial point. If the reversal set-up sustains and the price breaks out both the descending trendline and the $1,895 level, a bullish week could unfold. However, the breakdown of the $1,895 level can trigger a USD-favored sell-off.

Stay tuned for more thrilling updates on the Gold market! Remember, trading involves risks, and I always recommend exercising caution and seeking advice from financial professionals. Hit the like button if you found this analysis helpful, and don't forget to subscribe for more insightful content! 📺🔔💼

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.

Comment:

The current market environment appears subdued, with price action confined within the range of $1,891 and the $1,885 zone, highlighting a prevailing state of indecision among market participants. It's noteworthy that trading remains situated beneath the identified descending trendlines identified in the video, further underscoring the possibility of a bearish momentum materializing upon a breakdown/retest of $1,885. Conversely, should price action successfully breakout/retest both the descending trendline and the $1,891 zone, we would be preparing for potential buying opportunities. These intricate market dynamics will be dissected comprehensively in our upcoming live session, offering a detailed perspective on this unfolding structure.

Good Morning

Trade active:

UPDATE

Buy position triggered at the break of the $1,891 level and running with over 35 pips in profit; secure position while we look out for more trading opportunities.

Trade active:

UPDATE

Trade closed manually:

UPDATE

All buy positions closed as bearish momentum begins. We wait for normalcy to get back to the market

Comment:

A new set-up emerges for selling opportunities if buyers find it difficult to resume momentum (see chart)

Trade active:

After been taken out of the sell position in a loss; we have a buy position triggered, secure position now as we look out for more trading opportunities

Trade active:

Capitalizing on the ongoing bullish momentum, our two buy positions are now comfortably in the green, accumulating a substantial profit of over 140 pips. It's time to lock in gains by securing these positions, all while remaining alert for potential new trading prospects.

Good Morning

Trade active:

UPDATE

3 positions running

Trade active:

All buy positions closed. Sell position triggered for counter trend opportunities; secure position

Trade active:

Two sell positions now running in profit with over 140pips; secure positions

Trade closed manually:

All sell positions closed with modest profit as buying pressure resumes with the idea of a potential trend continuation. Please note that we are not going to ignore the potential of sellers.

Trade active:

We currently hold two buy positions, with a combined profit of 120 pips, as the uptrend maintains its traction. Let's ensure the securing of all positions while keeping a vigilant eye on forthcoming trading prospects, particularly in anticipation of housing data from the US economic calendar today.

Good Morning

Trade active:

UPDATE

Secure all buy positions

Trade active:

UPDATE

Over 300 pips in profit from 3 positions; secure position

Trade active:

UPDATE

Its over 500 pips from 3 positions; secure positions

Trade active:

UPDATE

Trade active:

With an impressive price movement exceeding 600 pips, our fourth position has been activated through the anticipated breakout above the $1,918 level, aligning with our projections from yesterday. As we continue to navigate the market, it's essential to secure this position while remaining vigilant for forthcoming trading opportunities. On the horizon, we anticipate the impact of the weekly Jobless Claims report and Durable Goods Orders from the US economic docket. Furthermore, the eagerly anticipated Jackson Hole Symposium, featuring speeches from ECB President Lagarde and Fed Chair Powell on Friday, is set to exert a substantial influence on market dynamics.

Good Morning

Trade active:

Just as discussed during our live session this morning; Sell position triggered at the breakdown of the $1,914.50 Level

Trade active:

Selling pressure remains existent at this juncture as price action breaks down the ascending trendline for the first time since Tuesday. We remain attentive to further potential selling opportunities. However, a pivotal moment is at hand: if the price struggles to breach the $1,912 level, this could favour buyers and trigger a bullish momentum. A successful breakout/retest of the $1,918 level may open the door to buying opportunities. Keep in mind that the imminent speech by Fed Chairman Jerome Powell at the Jackson Hole Symposium holds the potential to significantly impact market dynamics later today.

Good Morning

Trade active:

In a reaffirmation of the Fed's stance, Chair Jerome Powell emphasized at the ongoing Jackson Hole symposium that the possibility of interest rate hikes is on the table. This sentiment has triggered a bullish response in favor of the US Dollar. As a result, it's prudent to secure all existing sell positions, while remaining vigilant for potential opportunities in the selling direction.