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

After scooping over 5,000 pips profit from last week's trading, the price is at a critical level as we witness buying pressure around the $1,640 level during the latter part of last week's trading session to insinuate a potential bullish momentum. In anticipation of a week laced with many high-impact events, the price of Gold price slid and extends its losses and from a fundamental perspective, this could be connected to the high US inflation. So from a technical standpoint, this video illustrates the two possible scenarios we want to be looking out for in the new to take advantage of a trading opportunity.

Risk 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:

It has been a slow start to the week as we continue to witness buying pressure around the $1,640 level - a structure that has a memory for buying power. However, it is worth noting that a flat channel has been observed right above the $1,640 level since the beginning of the week hence the need to be patient to wait for a signal in the form of either a breakout or breakdown of the channel to decipher if we shall continue with our sell position from last week or start looking for fresh buying opportunities. Update coming soon...

Good morning

Trade active:

A final breakdown of the $1,640 appears to be confirming the strength of the sellers at this juncture in the market as the sell position taken last week becomes promising for further addition to the position. Continue to look for selling pressure below the $1,640 as we head into the NY session. I am staring my live studio in 10 minutes... see you soon

Trade active:

This was discussed during the live session today (video uploaded to my youtube): Securing the sell position as sellers continue the tussle to break below the structure to incite another wave of bearish momentum. Still looking forward to adding a position at the breakdown/retest of the $1,736.50 level.

Trade active:

UPDATE

The second position was triggered as the price moved over a total of 1,000 pips in our direction. Time to secure position

Trade closed manually:

Taken out from the sell position with some profit as prices climb back to where it started the week at around the $1,645 zone. However, it is worth noting that the $1,645 level was broken out of during the early hours of today to insinuate buying strength at this juncture hence the need to look out for buying opportunity at a breakout/retest of this structure and if price breaks below the $1,640 level followed by selling pressure below this level on the lower timeframe we should be ready to join the decline. Remember that there is a high-impact event coming up today (PMI) so let's be patient to see how the price will relate to the current structure...

Good morning

Trade active:

Trade closed manually:

UPDATE

The price comes back to the entry zone. Update coming soon

Trade active:

Re-entry running in profit but it is advisable to move stop loss to break even as we observe selling pressure below the $1,655level in the last 24 hours. So we can not ignore the possibility of a bearish momentum at breakdown/retest of the $1,645 area. However, if the price breakout/retest the $1,655, we want to be adding a position to the existing buy position. It is worth noting that there are a series of high-impact events today which is highly likely to be a catalyst for price movement (screenshot on the chart)

Good morning

Trade active:

After being taken out from the buy position with a small profit. We might be in for a sell haul as the price breaks down the newly identified trendline following selling pressure from the $1,655 zone. So, we now look for selling pressure below the trendline to join or add position to the existing position. Update coming soon

Trade active:

Fed Interest Rate Decision, Fed's Monetary Policy Statement, and FOMC Press Conference coming in up very soon... Protect existing position.
Good evening

Comment:

Looking for structures to join the potential rally

Trade active:

retest of structure followed by buying pressure on lower time is good

Comment:

Let's be patient here and allow the haphazard movement of price action which is a result of the recent high impact even to settle before making any further actions

Trade active:

I woke up late this morning so missed the breakdown/retest of the $1,640 level. Hoping the market will present another opportunity to join the decline or we could probably have a reversal pattern as the price currently sits on the $1,632 level. Congrats to those who took advantage of this move!

Good morning

Trade active:

The retest of the $1,632 finally happens

Trade closed: stop reached:

After being taken out from the sell position, the price has continued to find higher highs and this move can be considered as a retracement phase hence the need to be patient at this point for structures to mature before taking any further action on this pair. Let's be aware that anything that happens from now on shall be in anticipation of the NFP coming up later today.

Good morning

Trade active:

I am still waiting to see what happens in the $1,665 area in other to make an informed decision on the next line of action. There is the possibility of either a breakout/retest of this area (which shares a confluence with the bearish trend line identified on the daily timeframe) to incite a trend continuation to the upside or we could see a reversal pattern that might send the price crashing. Update coming up soon...

Comment:

I must admit that this move was missed as the market did not present a second chance to join the rally but it's ok, we live to trade another day! Have some fun this weekend and be ready to come back stronger next week!

Happy weekend to you!