XAUUSD | GOLDSPOT | New perspective | follow-up details

Updated

Gold prices experienced a notable decline, particularly following hawkish remarks from Federal Reserve (Fed) Chairman Jerome Powell. Powell's suggestion that the Fed might not have achieved a sufficiently restrictive monetary policy to control inflation sent shockwaves through the market. This hawkish stance contradicted the earlier belief that the Fed was done with rate hikes and potentially entering a rate-cut cycle. Adding to the pressure on Gold prices, U.S. Treasury yields surged after a disappointing 30-year bond auction.

The upcoming week holds significant weight, with the US Consumer Price Index (CPI) inflation reading set to influence market dynamics. Investors are keenly observing whether inflation will cool enough to reignite hopes for future rate cuts and ease borrowing costs. As we navigate this landscape, we face a divided opinion among investors, with some anticipating higher rates for an extended period, potentially leading to increased price volatility. How should we position ourselves in the face of these uncertainties as we approach the upcoming week?

XAUUSD Technical Analysis:
In this video, we dissected the XAUUSD chart from a technical standpoint, analyzed the key levels, analyzed historical price moves, market behaviors, and buyer-seller dynamics, and uncovered potential trading opportunities.

The $1,945 zone will be our center stage for this week. Its historical significance makes it a crucial point. If the bullish momentum is sustained then the breakout/retest of this zone will serve as a platform for new highs. However, if selling pressure persists below $1,930, we could witness renewed selling pressure back into the demand zone at the $1,900 zone.

Dive into the latest Gold market dynamics! Discover how escalating Middle East tensions and renewed decline in 10-year Treasury yields and their impact. Stay informed for strategic investment decisions.
#GoldMarket #SafeHavenAssets #USDebt 📺🔔💼

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

Gold grapples to gain momentum during the Asian session, with market participants in anticipation of the upcoming US Consumer Price Index on Tuesday for potential market direction.

Technically, the week kicks off with a consolidation phase, witnessing price action confined between $1,941.50 and $1,934. This sets the stage for a potential reversal pattern, resembling a double bottom within the identified demand zone from our recent video. However, it's crucial to acknowledge that sellers hold the potential to breach the support line of this range, opening up selling opportunities.

Given this scenario, our strategy is to exercise patience and await a clear trading signal, either at the breakout or breakdown of the established range.

Good Morning

Note

UPDATE

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UPDATE

Buy triggered

Trade active

Buyers grapple to sustain the prior session's bullish momentum as renewed selling pressure emerges. Gold's price seems to lose traction around the $1,945 level [key level for the week], just ahead of the release of the US Consumer Price Index (CPI) data. Market participants will be closely eyeing this crucial economic indicator. Meanwhile, ongoing geopolitical conflicts in the Middle East continue to command attention, with the potential to amplify safe-haven demand for gold. Despite the current selling pressure, my overall bias remains bullish as long as the ascending trendline remains intact, interpreting this pullback as a retracement move. Join me for a detailed discussion on this during our upcoming live session.

Good Morning

Trade active

Just as discussed during our live session this morning; two buy positions running - protect all positions as we anticipate the CPI data.

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Over 300 pips profit from three buy positions as CPI data came in below expectations. Protect all position as we look out for new trading opportunities.

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UPDATE

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UPDATE

The fourth position has been triggered following the breakout of the $1,959 level. The total position is currently yielding over 650 pips in profit. It is crucial to protect all positions at this stage as we look out for new opportunities.

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UPDATE

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The bullish sentiment in the market continues to hold strong as buying activity in the Asian session has persisted for the third consecutive day. This trend is being supported by the ongoing US Dollar selling bias, which has been fueled by growing expectations that the Federal Reserve (Fed) will not raise interest rates any further.

Despite the current risk-on mood in the market, which is typically seen as a headwind for safe-haven assets such as gold, the fundamental backdrop still favors bullish traders. As such, it is likely that the path of least resistance for gold will continue to be to the upside.

Given these factors, it is important to protect all positions while remaining vigilant for further trading opportunities. Additional details regarding these opportunities will be provided during our upcoming live session.

Good Morning

Trade active

UPDATE

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UPDATE

All buy positions closed as renewed selling pressure takes hold. The market responds to mixed data from Retail Sales, sparking heightened interest in the US Dollar.

Note

Trade active

Protect the sell position as price action moves 140 pips since the breakdown of the $1,970 level.

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All sell positions have been closed as Gold has attracted some dip-buying activity during the Asian session, indicating a potential halt to its retracement. Moreover, the increasing consensus that the Federal Reserve has completed its interest rate hikes may provide further backing for this asset. From a technical perspective, the price action has been contained within an ascending channel since the start of the week, reinforcing a bullish outlook. Therefore, we will maintain a bullish sentiment as long as the price remains above the 1,964 zone and within the confines of the channel.

Good Morning

Trade active

#XAUUSD

UPDATE

Just as discussed during our live session this morning; buying pressure continues as price action remain within the ascending channel!

For live, real-time insights into the developments of this market, I invite you to join the XAUUSD Live Window on my YouTube channel (it is ON now! Don't miss it).

Trade active

Two buy positions triggered. Protect positions while we look out for new trading opportunities.

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Third position finally gets triggered; three positions now running with approximately 300 pips. Prtoect positions

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#XAUUSD

UPDATE

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Fourth position triggered

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We've accumulated over 550 pips in profit across four buy positions. It's now crucial to safeguard/protect all positions. Please be aware that this will be my final update for today. Cheers and good luck!

Trade active

Gold prices continue their upward trajectory for the second consecutive day, fueled by growing expectations of an extended Federal Reserve pause. This sentiment, reinforced by softer US macro data, acts as a strong tailwind for the safe-haven asset. Additionally, the anticipation of interest rate cuts has led to a decline in US Treasury bond yields, undermining the US Dollar.

Despite accumulating over 450 pips in profit from multiple entries during yesterday's trading session, gold prices are facing selling pressure as buyers struggle to push through the 1,988 zone during the Asian session. It is important to protect any existing buy positions and monitor how the market reacts within the range of 1,988 and 1,982.50 for potential new trading opportunities.

Happy Friday

Trade active

UPDATE

Trade active

#XAUUSD

UPDATE

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Just as discussed during our live session this morning, price action breaks down the $1,988 level and the ascending trendline to trigger a sell position as all buy positions are now closed.

Trade active

Two sell positions triggered with a total of 120 pips; protect positions.

happy weekend!

Note

I am excited to share with you my new idea on the XAUUSD ahead of the following week as we look to capitalize on the next move in light of recent US macro data, signaling a pause in the Federal Reserve's interest rate hikes.

Note

I am excited to share with you my new idea on the XAUUSD ahead of the following week as Gold maintains its position around $2,000, buoyed by a weakening US Dollar and mixed US PMI data:

darcsherry

Trade smart. Trade consciously

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XAUUSD | GOLDSPOT | New perspective | follow-up details

by darcsherry

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