XAUUSD | GOLDSPOT | New perspective | follow-up details
Updated
Join us as we delve into a comprehensive price action analysis of the XAUUSD market in this video. With the gold price comfortably surpassing the $1,950.00 mark and the USD Index remaining weak, we examine the current market conditions.
Investors are divided on whether the Fed will implement two more rate hikes this year, putting pressure on the USD Index. Encouraging signs of cooling inflation contribute to the hopeful sentiment. While the Fed maintained steady interest rates in its recent meeting, it has left room for potential rate increases later in the year, depending on forthcoming data. However, Morgan Stanley holds a different perspective, projecting no further hikes and expecting the Fed to maintain a rate of 5.1% until a 25 bps cut in March 2024.
Amidst this dilemma, the market mood is cheerful as uncertainty surrounding the interest rate peak subsides after Fed Chair Jerome Powell's presentation of the dot plot. Now, let's discuss our plans for the upcoming week based on price action analysis.
In this video, we conduct a comprehensive examination of the XAUUSD market, assessing both bullish and bearish sentiments, as well as accumulation and distribution patterns. By analyzing past price patterns, market behavior, recurring trends, and crucial support and resistance levels, we gain valuable insights into the potential actions of buyers and sellers in the coming week(s).
It is worth nothing that we identify a significant level at 1,960, which is expected to play a major role in determining the direction of price action this week. Despite this zone being a strong selling area in recent weeks, the market's indecisiveness becomes evident, reflecting the uncertainty among market participants. The reactions observed on Monday within this zone will provide valuable indicators atleast for the first half of the week. Stay prepared to seize the opportunities that lie ahead! Don't forget to stay tuned for updates that will guide our trading decisions throughout the week.
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.
Investors are divided on whether the Fed will implement two more rate hikes this year, putting pressure on the USD Index. Encouraging signs of cooling inflation contribute to the hopeful sentiment. While the Fed maintained steady interest rates in its recent meeting, it has left room for potential rate increases later in the year, depending on forthcoming data. However, Morgan Stanley holds a different perspective, projecting no further hikes and expecting the Fed to maintain a rate of 5.1% until a 25 bps cut in March 2024.
Amidst this dilemma, the market mood is cheerful as uncertainty surrounding the interest rate peak subsides after Fed Chair Jerome Powell's presentation of the dot plot. Now, let's discuss our plans for the upcoming week based on price action analysis.
In this video, we conduct a comprehensive examination of the XAUUSD market, assessing both bullish and bearish sentiments, as well as accumulation and distribution patterns. By analyzing past price patterns, market behavior, recurring trends, and crucial support and resistance levels, we gain valuable insights into the potential actions of buyers and sellers in the coming week(s).
It is worth nothing that we identify a significant level at 1,960, which is expected to play a major role in determining the direction of price action this week. Despite this zone being a strong selling area in recent weeks, the market's indecisiveness becomes evident, reflecting the uncertainty among market participants. The reactions observed on Monday within this zone will provide valuable indicators atleast for the first half of the week. Stay prepared to seize the opportunities that lie ahead! Don't forget to stay tuned for updates that will guide our trading decisions throughout the week.
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
Let's recall that we previously detected a potential reversal pattern, specifically a head and shoulders pattern, in the 1-hour timeframe. Despite the current range-bound trading activities this morning, there are indications of a shift towards a bearish sentiment as selling pressure is observed around the neckline of the reversal pattern. Our outlook will lean towards bearish as long as the price action stays below the neckline at the $1,955 zone. A thorough discussion of this analysis will take place during our upcoming live session.Good Morning
Trade active
Sell position triggered, secure positionTrade active
Potential new set-up identified on a lower timeframeTrade active
As we keep an eye out for additional opportunities, it is advisable to secure the sell position.Note
URGENT NOTICEKindly be aware that if the price action fails to break below the $1,948 level, thus interrupting the bearish momentum, there is a possibility of a reversal pattern emerging. Consequently, it becomes crucial to watch for potential buying opportunities above the $1,953.50 level, which could potentially serve as the neckline of the reversal pattern. Stay tuned for an upcoming update.
Note
In the past 16 hours, sellers have encountered challenges in surpassing the price range of $1,948 to $1,958. This situation indicates the emergence of a potential reversal pattern. The possible neckline for this pattern is expected to be around the $1,953.50 level, which coincides with the descending trendline that has guided our trading activities since the start of the week. We will delve into a comprehensive discussion on this matter during our upcoming live session.Good Morning
Trade active
The position is still at a loss as buyers are currently facing challenges in sustaining the momentum that resulted in the breakout of the descending trend line. We are still monitoringTrade active
The buy position has been closed at a loss, while the sell position was initiated when the price broke below $1,948. The sell position is currently running with a profit of over 140 pips. It is advisable to secure the position now.Trade active
UPDATENote
#XAUUSDWith our sell positions securely established, I have identified a new setup on the 15-minute timeframe that will serve as a guide for our future trading activities.
Trade active
Secure sell position as buying pressure resumes once again.Good Morning
Trade active
With two profitable positions currently active, it is now prudent to safeguard our sell positions while remaining vigilant for additional trading prospects. Follow us live Trade active
#XAUUSDWith two profitable positions currently active, it is now prudent to safeguard our sell positions while remaining vigilant for additional trading prospects. Follow me live on YouTube for updates on Gold Spot as we commence the inaugural edition of XAUUSD Live Trading. Don't miss out on valuable insights and engaging discussions. We look forward to connecting with you on the platform!
We remain bearish below the $1,931 level
Trade active
As selling pressure persists, we remain vigilant in our search for additional opportunities to capitalize on the bearish momentum and maximize potential gains.Note
If sellers continue to find it difficult to successfully break through the $1,926 level... We will be getting ourselves ready for buying opportunities above the $1,931 zone - buyer's territoryTrade active
UPDATETrade active
Secure the buy position while we watch out for more opportunitiesTrade active
Buy position is still maintaining a break-even level since sellers have yet to gather enough momentum to counteract the bullish potential at this point. We are still monitoring price actionGood Morning
Trade active
Based on the fall out from our live sessions today; secure all sell positions nowTrade active
Break-even; looking out for more opportunities at the retest of the $1,926 level and below the $1,920 level Trade active
Secure sell position nowNote
All sell positions closed with a modest profit; Update coming up soonGood Morning
Note
UPDATETrade active
Buy position triggered, its time to secure positionTrade active
A total of over 200 pips in profit on the two positions; Secure all buy positionsTrade active
UPDATETrade active
Third buy position triggered; secureNote
UPDATETrade closed manually
All buy position closed with a minimum of 200 pips; selling opportunities at the breakdown/retest of $1,927. Update coming up soonTrade active
Sell position triggered below the $1,927 level with 35 pips running in profit; secure position nowTrade active
65pips running in profit; ensure sell position is securedTrade active
75pips profit running; secure position as we monitor how price action reacts to the $1,920 zoneTrade active
UPDATE on 15 - Minute Timeframe
Trade smart. Trade consciously
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