XAUUSD | Price Action | New perspective | follow-up details
Updated
Gold clings firmly to its coveted $1,900 handle!
The stage is set for an intriguing turn of events, especially in the wake of a milder-than-anticipated U.S. jobs report for June. This unexpected twist suggests a potential dampening of the Federal Reserve's hawkish stance as its policymakers prepare for their upcoming rate review in three weeks.
In the face of this economic backdrop, gold staged a remarkable rally following the Labor Department's revelation on Friday that June witnessed a lower-than-expected addition of 209,000 new hires, with revised figures for May at 306,000 (a downward adjustment of 33,000), the unemployment rate exhibited a decline from 3.7% to 3.6% in June. Moreover, average hourly earnings saw a mirrored increase of 0.4%, matching May's growth.
While the mid-week exerted pressure on gold, it emerged triumphant, holding firm above the $1,900 mark and even recovering some of its losses. This feat has set the stage for a potential surge in bullish momentum, teasing us with anticipation for the week ahead. The prevailing market sentiment remains unabashedly bullish, with traders seizing the momentary weaknesses as an opportune time to enter the market.
XAUUSD Technical Analysis (Price action):
In this video, we delve deep into a comprehensive examination of price action, as we carefully study accumulation and distribution patterns. By scrutinizing past price movements, decoding market behaviors, identifying recurring trends, and pinpointing significant support and resistance levels, we have unearthed invaluable insights into the motivations and actions of both buyers and sellers.
In this regard, we have placed particular emphasis on the key level at $1,930 which will serve as our yardstick for the upcoming week. This pivotal threshold holds the power to sway the direction of price action in the upcoming week, making it a focal point of utmost importance. The reactions observed within this zone, especially during the first half of the week, will serve as indispensable indicators, guiding our trading decisions.
Prepare yourself to seize the opportunity that lies ahead! Armed with my updates and precise analysis, you'll be equipped to make well-informed and strategic trading choices throughout the week. The stage is set, the spotlight is on, and the drama of the gold market awaits your presence. Stay tuned for an exhilarating journey that will empower you to navigate the labyrinth of trading with confidence and finesse.
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.
The stage is set for an intriguing turn of events, especially in the wake of a milder-than-anticipated U.S. jobs report for June. This unexpected twist suggests a potential dampening of the Federal Reserve's hawkish stance as its policymakers prepare for their upcoming rate review in three weeks.
In the face of this economic backdrop, gold staged a remarkable rally following the Labor Department's revelation on Friday that June witnessed a lower-than-expected addition of 209,000 new hires, with revised figures for May at 306,000 (a downward adjustment of 33,000), the unemployment rate exhibited a decline from 3.7% to 3.6% in June. Moreover, average hourly earnings saw a mirrored increase of 0.4%, matching May's growth.
While the mid-week exerted pressure on gold, it emerged triumphant, holding firm above the $1,900 mark and even recovering some of its losses. This feat has set the stage for a potential surge in bullish momentum, teasing us with anticipation for the week ahead. The prevailing market sentiment remains unabashedly bullish, with traders seizing the momentary weaknesses as an opportune time to enter the market.
XAUUSD Technical Analysis (Price action):
In this video, we delve deep into a comprehensive examination of price action, as we carefully study accumulation and distribution patterns. By scrutinizing past price movements, decoding market behaviors, identifying recurring trends, and pinpointing significant support and resistance levels, we have unearthed invaluable insights into the motivations and actions of both buyers and sellers.
In this regard, we have placed particular emphasis on the key level at $1,930 which will serve as our yardstick for the upcoming week. This pivotal threshold holds the power to sway the direction of price action in the upcoming week, making it a focal point of utmost importance. The reactions observed within this zone, especially during the first half of the week, will serve as indispensable indicators, guiding our trading decisions.
Prepare yourself to seize the opportunity that lies ahead! Armed with my updates and precise analysis, you'll be equipped to make well-informed and strategic trading choices throughout the week. The stage is set, the spotlight is on, and the drama of the gold market awaits your presence. Stay tuned for an exhilarating journey that will empower you to navigate the labyrinth of trading with confidence and finesse.
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.
Note
Although the week began with a bearish tone following the breakdown of the support levels at $1,922.50 and $1,925, it is important to acknowledge that we are currently facing a critical moment in the market that demands patience. Our expectation is for the downtrend to continue once the $1,922.50 and $1,919.50 levels are broken and retested. However, it is crucial to exercise caution and seek substantial confirmation before considering any buying opportunities around the identified levels on the chart for buying opportunities. We will delve into this structure extensively during our upcoming live session.Good Morning
Trade active
We now have two positions running in profit with over 150 pips as price action triggers orders at the $1,922.50 and $1,919.50 levels. Time to secure positionsTrade closed manually
All sell positions closed with a modest amount of profit, bringing us back to the status quo. It's important to note that the identified structures/levels on the chart for potential trading opportunities are still valid and relevant.Note
UPDATEBuying pressure resumes
Trade active
Sell position is closed as price action hit stop-loss while the buy position is triggered at a breakout/retest of $1,925.Trade active
since all buy-stop orders have been activated, ensure all the buy positions are secured. Our focus will be on observing the price action response to the week's key level of $1,930 to determine our next course of action.Good Morning
Trade active
Update following our discussion on this asset during our live session this morningTrade active
So, just as discussed during our live session this morning. Price just tested our week's key level at $1,930 and trading still remains around the zone. We are going to exercise patience and see how the price reacts to this key level to decide what our next line of action be. So, we have a simple setup on the 15-minute time frame to guide our trading activities for today.Note
The market continues to display a bullish outlook, with buying pressure remaining strong above the key level of $1,930 for the week. Our trading activities today will be guided by the ascending trendline, as clearly shown on the chart. However, if both the trendline and $1,935 are broken/retested, it will present opportunities for selling.Good Morning
Note
Price remains within range between $1,936.50 and $1,933.60 zone to emphasize the level of indecision ahead of the CPI data coming up in 20 minutes from now. So, we are going to be waiting for either a breakout or breakdown of the range for a signal.Trade active
CPI data dropped and came in below expectation, a low reading is conventionally considered to be negative or bearish for the Greenback. We shall continue to watch out for sudden reversal as buy positions get triggered, secure position now.Trade active
UPDATEA total of 280 pips in profit from two positions; secure position
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UPDATE370pips in profit from two positions
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We have achieved a combined profit of 450 pips from two positions. It is crucial to secure all buy positions while actively seeking new opportunities above the $1,963.50 level. Additionally, it is worth noting that market participants are eagerly anticipating the release of the Producer Price Index later today, which could serve as a catalyst for potential price movements.Good Morning
Trade active
UPDATEFallout from the just concluded live session
Note
#XAUUSDUpdate ahead of PPI data
Trade active
Sell position triggered while the possibilities of buying opportunities above the $1,963 level still remains open.Trade active
Sell position currently running at a loss as buying pressure resumes hereby emphasizing the potential of an uptrend continuation. The current structure on the 1H time frame still remains our guide for todayTrade active
The selling position is currently active and remains at the break-even point, as the price has been trading within a narrow range over the past 18 hours. This prolonged period of price consolidation highlights the prevailing uncertainty among market participants. Investors anticipate the release of data from the Consumer Sentiment Index, hoping to gain insights that will guide their future actions.Good Morning
Trade active
UPDATEWe are still in the sell position as CPI data came in beyond expectation at 72.6 with a positive deviation of 2.35.
Trade active
It's interesting to see the struggle the sellers are facing and even after the positive figures from the CSI publication. I hope that influential market participants will consider closing their positions ahead of the weekend to sustain the bearish. However, if they decide to accumulate more positions then we will be ready for the breakout/retest of $1,963.50 zone.
Trade smart. Trade consciously
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