XAUUSD | New perspective | follow-up details
Updated
Despite Friday's report that showed U.S. consumer sentiment slumped to a six-month low in May, the US dollar rose. The Gold commodity has been a popular inflation edge, but the sentiment in the market is looking "mixed" as worries that political haggling to raise the borrowing cap could trigger a recession in the US. In this regard, the XAUUSD chart reflects an indecisive phase as price action remain within the 2,050 and 2,000 range since the beginning of the month. In this video, we dissected the current market structure from a technical standpoint to decipher the potential move of price action in the coming week as we look forward to the Retail sales data from US economic docket.
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.
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.
Note
The new week has started on a bullish note. The newly identified trendline on the 1H time frame shall be our guide for today as we look out for buying opportunities at the breakout/retest of the 2,019/2,020 zone while the breakdown of the trendline will prepare us for selling opportunities.Good MOrning
Trade active
The fallout from our live session today; sell position is now triggered at the breakdown/retest of both the trendline and the 2,014.50 level on the lower timeframe.Trade active
Buy pressure resumesTrade active
Secure sell positions as we look forward to more opportunities at continued selling pressure from key levels.Good Morning
Trade active
The retail sales is about 12 minutes from now; secure all sell positionsTrade closed manually
Sell positions were taken out with a small profit and just as discussed during our live session today - a breakout/retest of the 2,014.50 level and the trendline will be inciting buying opportunities.Trade active
Break down of the 2,000 level triggers a sell position, secure all positionsTrade active
Secure sell position as selling pressure continuesGood Morning
Trade active
We already have a bearish signal as price action breakdown and is currently retesting the 1,986 zone. Please keep the option of buying opportunities openTrade active
Please note that buying pressure is observed as bears are still struggling to successfully break down the 1,986 level. Let's be on standby for buying possibilities just in case the bulls take over.Trade active
UPDATESell pressure continues
Trade active
Simple setup identified on the 15 minute timeframeTrade active
Selling pressure continues as price action breaks down the 1,980 level; secure positionsGood MOrning
Trade active
Fallout from our live session this morningAfter ensuring that all sell positions are secured, a new setup is identified on the 15 minute timeframe
Trade active
Secure sell positionTrade closed: target reached
TP target just hit on all sell positions with approximately 400pips profit. Looking out for more opportunities at the breakdown of the 1,960 zoneTrade active
After hitting TP target a moment ago. Another sell-stop order is triggered below the $1,960 level. Time to secure positionTrade closed manually
After a long fall in price, recovery appears to be happening ahead of the Fed Chair's speech coming later in the day. With the appearance of buying pressure, we shall be looking out for buying opportunities above the 1,960 zone and further breakout/retest of the trendline at the 1,970 level will welcome more opportunitiesNote
UPDATE15-minute outlook
Trade active
Sell position triggeredTrade active
Price action takes out all the sell positions with a small profit to trigger the buy position at the breakout of the 1,970 level. Secure buy position as we round off for the week.
Trade smart. Trade consciously
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.