XAUUSD | Perspective for the new week | Follow-up
Updated
The precious metal appeared to find strong support, hovering above the crucial $1,930.00 level for most of Wednesday and Thursday. However, things took a thrilling turn after the Non-Farm Payroll data release, as Gold broke out of the $1,993.8 level, setting the stage for a potential reversal ahead.
The US Dollar is currently facing headwinds, thanks to a lower-than-expected increase in Nonfarm Payrolls, with only 187,000 new jobs reported in the July jobs report. This economic development has significantly impacted investor sentiment and boosted the safe-haven appeal of Gold, especially given the unpalatable revelation from Fitch's risk rating.
As investors keep a watchful eye on the unfolding events, the implications of Fitch's downgrade of the United States government's long-term debt rating are being carefully processed. This situation has the potential to significantly impact the Gold market, adding to the intrigue and excitement as bulls look forward to continued bullish momentum in the upcoming week.
XAUUSD Technical Analysis:
In this recorded video, we embarked on an in-depth analysis of XAUUSD's price action, focusing on intricate patterns of accumulation and distribution. By dissecting past price movements, interpreting market behaviors, and identifying recurring trends, we gained invaluable insights into the motivations and actions of both buyers and sellers.
Our attention was drawn to the key level at $1,930, which holds tremendous importance for the week ahead. It served as a pivotal focal point, and the continued rejection of the $1,930 zone from buyers could set the tone for a bullish momentum in the coming week.
Let's replicate the triumphs of the previous week and prepare ourselves to seize the opportunities that lay ahead! With these updates and comprehensive analysis, we are equipped with the necessary tools to make well-informed and strategic trading choices throughout the week.
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 exciting 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.
The US Dollar is currently facing headwinds, thanks to a lower-than-expected increase in Nonfarm Payrolls, with only 187,000 new jobs reported in the July jobs report. This economic development has significantly impacted investor sentiment and boosted the safe-haven appeal of Gold, especially given the unpalatable revelation from Fitch's risk rating.
As investors keep a watchful eye on the unfolding events, the implications of Fitch's downgrade of the United States government's long-term debt rating are being carefully processed. This situation has the potential to significantly impact the Gold market, adding to the intrigue and excitement as bulls look forward to continued bullish momentum in the upcoming week.
XAUUSD Technical Analysis:
In this recorded video, we embarked on an in-depth analysis of XAUUSD's price action, focusing on intricate patterns of accumulation and distribution. By dissecting past price movements, interpreting market behaviors, and identifying recurring trends, we gained invaluable insights into the motivations and actions of both buyers and sellers.
Our attention was drawn to the key level at $1,930, which holds tremendous importance for the week ahead. It served as a pivotal focal point, and the continued rejection of the $1,930 zone from buyers could set the tone for a bullish momentum in the coming week.
Let's replicate the triumphs of the previous week and prepare ourselves to seize the opportunities that lay ahead! With these updates and comprehensive analysis, we are equipped with the necessary tools to make well-informed and strategic trading choices throughout the week.
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 exciting 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.
Note
XAUUSD appears to show a bearish tilt, favoring the US Dollar. With all the high-impact events looming in the second half of the week, it's likely that we may experience an extended consolidation phase before witnessing any substantial price movement. Our attention is drawn to the possibility of a retest of the $1,941 level, which could potentially trigger a selling opportunity. For an in-depth analysis of this market structure, join us in our upcoming live session.Good Morning
Note
NEW UPDATE on 15minute Time frameTrade active
A total 50 pips in profit from two positions; secure positionTrade active
UPDATEOver 100 pips from two positions; I just ran a live commentary on this instrument.
Trade active
All buy positions closed with a modest size of profit as selling pressure resumes and trigger order below the $1,933.50 level ads projected.Secure sell position as we watch how price action unfolds below this level
Trade closed manually
The sell position has been closed, and it seems the price is now retesting the previously broken descending trendline, which could trigger another wave of bullish momentum as buying pressure resumes. I'm eyeing buying opportunities at the breakout/retest of the $1,936.50 level. Be cautious as anything below $1,933.50 favors sellers. (I just did a live commentary on the XAUUSD Live Monitoring window, and will be doing another in 40 minutes)Note
Over the past day, it's evident that trading actions have been limited within the span of $1,938 to $1,931.50, underscoring the notable uncertainty prevailing in this market. However, the occurrence of successive lower lows within this range signifies a gradual strengthening of selling momentum. A fresh descending trendline has been identified, and it will serve as our guiding reference for today's trading endeavors.Good Morning
Trade active
UPDATETrade closed manually
The sell position was closed at break-even as buying pressure emerges from the $1,925 level. Given that the descending trendline continues to guide our approach to trading prospects, we will exercise patience this morning to observe the market participants' responses to both the trendline and the significant level at $1,930. This will provide us with potential signals. The question remains: will the price persist beneath the trendline, offering selling chances, or will there be a breakout/retest of the trendline, opening up buying opportunities? We plan to delve into this matter extensively during our live session.Good Morning
Trade active
UPDATETrade active
UPDATE150pips in profit from two positions; secure positions while we look out for more opportunities.
Trade active
We've gained around 100 pips from two positions. While we secure our current holdings, the upcoming release of the US consumer price index could greatly impact prices in either direction. With the price action positioned below the descending trendline, our focus remains on identifying selling opportunities. The possibility of buying opportunities will only arise if the price manages to breakout/retest the $1,924 zone and the trendline.Good Morning
Trade active
UPDATEThe consumer sentiment index data has unveiled growth below expectations, registering a disappointing 3.2% increment and leading to a negative deviation. From a fundamental perspective, the attractiveness of the Greenback appears diminished as we await insights from the upcoming producer price index and consumer sentiment index, both scheduled on Friday within the US economic docket.
As we delved into during our live monitoring session for XAUUSD, a buy position has been initiated. However, it's crucial to remain cautious of the potential of potential reversal patterns within the current zone, as sellers still retain the capacity to exert downward pressure, potentially prolonging the trend that characterized the beginning of the week. Your active participation in the XAUUSD Live Monitoring Window will ensure you stay well-informed with real-time updates on price action.
Trade closed: stop reached
Stop-loss was triggered for the buy position hereby closing in a loss as renewed selling pressure emanated from the "sell window," leading to the activation of a sell-stop order below the $1,919.50 level. It's advised to secure the position at this point.Trade active
UPDATETrade active
All selling positions have been successfully closed, yielding a moderate profit, due to the resurgence of buying pressure. Sellers encountered difficulty in pushing the price below the $1,912 zone. The spotlight is now on the impending US inflation data, particularly the upcoming release of the Producer Price Index (PPI) and the University of Michigan Consumer Confidence Index. These data points will significantly impact investor sentiment and subsequently shape trading choices for the day. Observing the market's response within the range of $1,916 and $1,912 will provide valuable signals moving forward.Good Morning
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