XAUUSD | GOLDSPOT | New perspective | follow-up details

Updated

In this week's XAUUD analysis video, we delve into the recent surge in Gold prices amidst economic uncertainties in the United States. The previous week witnessed a notable uptick in Gold prices amidst the struggle of the US treasury to gain traction. Additionally, the University of Michigan survey revealed a pessimistic sentiment among Americans, with Consumer Sentiment plunging to its lowest level in six months.

As we dissect the market dynamics, Friday's sentiment data and weaker labor market figures underscored a gloomy outlook for the US economy. While fears of a significant economic slowdown lingered, market participants sought refuge in safe-haven assets, propelling the price of Gold higher.

Federal Reserve officials remained in the spotlight, with divergent views on monetary policy. Atlanta's Fed President Raphael Bostic maintained a hawkish stance, projecting just one rate cut in 2024. Conversely, Fed Governor Michelle Bowman advocated for policy stability, indicating no immediate need for rate cuts this year. Similarly, Dallas Fed's Lorie Logan dismissed the notion of interest rate cuts.

Meanwhile, Minneapolis Fed's Neel Kashkari adopted a cautious "wait and see" approach towards future monetary policy decisions. Looking ahead, next week's US docket is set to unveil crucial inflation figures, retail sales data, building permits, and a slew of Fed speeches. These releases are anticipated to offer fresh insights into the direction of Fed reserve monetary policy.

XAUUSD Technical Overview:
In this video, we conducted a thorough analysis of the XAUUSD chart, integrating both technical and fundamental perspectives.

Our focus for the upcoming week centres around the $2,360 zone, which holds significant historical importance and is poised to influence next week's trading activity significantly. Sustained bullish momentum above this level could fuel continued buying interest, potentially driving prices to new highs. Conversely, a breach below the $2,360 level, accompanied by ongoing selling pressure, may indicate a resurgence of bearish sentiment.
Join me as we unpack the implications of these factors and explore possible trading opportunities in the Gold market. Don't forget to like, subscribe, and hit the notification bell to stay updated with my latest analysis and insights.

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#GoldMarket #SafeHavenAssets 📺🔔💼

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.

Trade active

The new week commenced on a bearish tone as hawkish commentary from the Fed and growing speculation surrounding a potential delay in its easing plans have propelled the Greenback higher. However, it's important to recognize that indications of economic weakness and ongoing geopolitical tensions in the Middle East may act as limiting factors for this bearish momentum. As a result, it's prudent to secure the current sell position.

Market participants will closely monitor speeches from the Fed's Jefferson and Mester scheduled for later today. Additionally, attention will be directed towards key economic indicators later this week, including the US Consumer Price Index (CPI), Producer Price Index (PPI), and Retail Sales.

I recommend adjusting stop-loss orders and securing some profit, considering that the current chart structures serve as our guiding framework ahead of today's economic events.

Good Morning

Trade active

UPDATE

Secure some profit as we lookout for new trading opportunities

Note

All sell positions closed in profit while a simple trading set-up is identified on the 15-minute timeframe as price action breaks out of the resistance line of the descending channel. Update coming soon

Trade active

#XAUUSD

Buy position hit stop-loss as selling pressure resumes. Kindly secure the current sell position as we look out for new trading opportunities.

Note

All sell positions were closed as the $2,334 zone proved resilient to downward pressure. The prolonged sideways movement over the past 12 hours likely reflects market uncertainty ahead of today's key US macroeconomic event.

Investors eagerly anticipate the US Producer Price Index (PPI) release and Fed Chair Jerome Powell's speech. These events could shed light on the timing of the Fed's potential rate adjustments. Higher-than-expected inflation data may deter expectations of a Fed rate cut, consequently impacting Gold prices.

We'll monitor closely to see if the failure to breach the $2,334 support prompts a rebound where a breakout/retest of the descending trendline could signal an uptrend entry, while a breakdown/retest of support may present selling opportunities. Our trading decisions today remain guided by the levels charted.

Good Morning

Trade active

Two buy positions triggered; secure position as we look out for new trading opportunities.

Trade active

UPDATE

Trade active

UPDATE

Secure some profit

Trade active

All buy positions initiated yesterday remain active as Gold prices show signs of recovery, benefiting from a softer US Dollar. Factors such as increased gold demand from over-the-counter market investments, ongoing central bank purchases, and heightened safe-haven flows amid geopolitical tensions in the Middle East provide support to XAU/USD.

However, caution is warranted as Federal Reserve officials' hawkish rhetoric, particularly Chairman Jerome Powell's indication of prolonging higher interest rates, may exert downward pressure on gold prices in the short term.

Today's focus shifts to the release of the US Consumer Price Index (CPI) for April, offering insights into the potential timing of the Fed's monetary policy adjustments. Additionally, the publication of Retail Sales data for April will offer crucial indications regarding consumer spending trends.

A CPI report showing higher-than-expected inflation figures could prompt the Fed to adopt a more aggressive stance, potentially bolstering the US Dollar and prompting selling pressure on gold. Given this uncertainty, it's advisable to secure all positions now as the market awaits the release of US economic data for fresh market direction.

Further analysis and discussion on the current market dynamics will be provided during our upcoming live session.

Good Morning

Trade active

#XAUUSD

STRUCTURAL UPDATE | 15 Min Timeframe

As discussed during our just concluded live session, ensure all buy positions are secured as we look out for new trading opportunities.
Please note that the bearish bias will ONLY become relevant at the breakdown/retest of both the ascending trendline and the $2,369.50 zone

Trade active

#XAUUSD

UPDATE

two buy positions triggered as CPI data comes in at market's expectation. Secure some profits now!

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STRUCTURAL UPDATE

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STRUCTURAL UPDATE

NB: Please note that the sell levels are still intact for precautionary measures

Trade closed manually

#XAUUSD

All buy positions closed; The bullish outlook is maintained. However, a breakdown/retest of the $2,361 welcomes selling opportunities.

Trade active

Three buy positions triggered; secure all positions

Trade active

Our current position is active with over 900 pips in profit across five buy positions as Gold continues to strengthen against the backdrop of a weakening US Dollar. The latest Consumer Price Index (CPI) report revealed a slowdown in US inflation during April, leading market participants to speculate on potential rate cuts by the US Federal Reserve this year. A decrease in interest rates typically benefits gold prices as it reduces the cost of borrowing for investing in the commodity.

Today's market focus shifts to a range of key economic indicators including US Building Permits, Housing Starts, weekly Initial Jobless Claims, the Philly Fed Manufacturing Index, and Industrial Production, all of which could provide fresh market impetus. Additionally, scheduled speeches from Federal Reserve officials are anticipated.

It's essential to remain vigilant as any hawkish commentary from Fed officials has the potential to strengthen the US Dollar (USD) and potentially dampen the current upward momentum in gold prices. Consequently, it is advisable to secure all existing buy positions ahead of these events to mitigate risks. I will provide further updates shortly.

Good Morning

Trade active

#XAUUSD

UPDATE | 15 Min Timeframe

Trade active

#XAUUSD

Sell position triggered; secure the position now due to potential market volatility.

please note that the descending trendline will guide this trading opportunity.

Trade active

#XAUUSD

Secure sell positions as we look out for new trading opportunities.

Trade closed manually

After closing all sell positions, we see a new structure forming as Gold attracted dip buying during the Asian session. This bullish momentum is driven by softer-than-expected US inflation data for April, which has sparked hopes for potential rate cuts from the Federal Reserve.

However, a cautious stance from Fed officials on Thursday suggested that borrowing costs might remain high for a longer period, indicating that the Fed is not in a hurry to reduce interest rates this year. This could potentially limit the upward movement of gold.

With no major US economic data releases scheduled for today, market participants will focus on speeches from Fed officials Kashkari, Waller, and Daly for any insights into future monetary policy. As we navigate these developments, the levels on the chart will be crucial in guiding our strategic positioning ahead of these events.

Good Morning.

Trade active

#XAUUSD

As discussed during our live session this morning, buy position is triggered at $2,385; secure position

Trade active

#XAUUSD

Secure some profit now as second position gets triggered.

Trade active

#XAUUSD

STRUCTURAL UPDATE

Secure some profit as we look out for new opportunities

Trade active

#XAUUSD

Third position triggered at $2,405; secure some more position

Trade active

#XAUUSD

We now have three buy positions running with over 500 pips in profit; secure some profit now. This will be the last update for the week on the XAUUSD. Do have a great weekend.

darcsherry

Trade smart. Trade consciously

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XAUUSD | GOLDSPOT | New perspective | follow-up details

by darcsherry

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