XAUUSD | Price Action | New perspective | follow-up details
Updated
The yellow metal is potentially heading for weekly losses amid a surge in the US dollar's strength. Despite a slight relief on Friday, gold had been grappling with significant losses from the previous session when data revealed that the US economy outperformed expectations in the second quarter.
This impressive reading bolstered the dollar and pushed gold over 1% lower, as traders speculated that the robustness of the US economy might prompt the Federal Reserve to continue raising interest rates.
The release of this data followed the Federal Reserve's recent interest rate hike, with indications of another potential hike later this year, as inflation remains higher than the central bank's target range.
Rising US interest rates are not favorable for gold and other metals, as they increase the opportunity cost of holding non-yielding assets. Consequently, the strong GDP reading caused gold to erase all its gains for the week, with the precious metal now trading approximately 0.8% lower.
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 for the second consecutive week at $1,960, which held tremendous importance for the week ahead. It served as a pivotal focal point, and the reactions witnessed within this zone, particularly in light of upcoming high-impact economic events, were indispensable in guiding our precise trading decisions.
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.
The stage was set, the spotlight was on, and the thrilling drama of the gold market awaited your presence. Stay tuned for further updates as we closely monitor the market developments impacting gold's outlook. Remember to exercise caution and consider the implications of economic indicators on your trading decisions.
Happy trading!
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.
This impressive reading bolstered the dollar and pushed gold over 1% lower, as traders speculated that the robustness of the US economy might prompt the Federal Reserve to continue raising interest rates.
The release of this data followed the Federal Reserve's recent interest rate hike, with indications of another potential hike later this year, as inflation remains higher than the central bank's target range.
Rising US interest rates are not favorable for gold and other metals, as they increase the opportunity cost of holding non-yielding assets. Consequently, the strong GDP reading caused gold to erase all its gains for the week, with the precious metal now trading approximately 0.8% lower.
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 for the second consecutive week at $1,960, which held tremendous importance for the week ahead. It served as a pivotal focal point, and the reactions witnessed within this zone, particularly in light of upcoming high-impact economic events, were indispensable in guiding our precise trading decisions.
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.
The stage was set, the spotlight was on, and the thrilling drama of the gold market awaited your presence. Stay tuned for further updates as we closely monitor the market developments impacting gold's outlook. Remember to exercise caution and consider the implications of economic indicators on your trading decisions.
Happy trading!
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
As we brace ourselves for a series of high-impact events from the US economic docket, the Greenbck is showing indications of strength with the emergence of a descending trendline on the 1-hour timeframe. This raises the question of whether we might see a continuation of the bearish impulse leg that initiated after the positive GDP data release last week.If this scenario unfolds, a breakdown/retest of the new weekly support level at $1,953.40 could present promising bearish opportunities. However, it's essential not to overlook the presence of higher lows on the chart, which have been evident since last Friday, and might incite an uptrend move.
In this highly dynamic market environment, it's crucial to stay alert and responsive to the unfolding events to make well-informed trading decisions. We'll be closely monitoring these developments and discuss them in detail during our upcoming sessions. Stay tuned for further insights and analysis.
Good Morning
Trade active
UPDATEBuy position triggered
Trade active
Two buy positions running with a total of 110 pips; secure positions nowNote
Three position running with 290 pips profit; secure position as we look out for more buying opportunities.Trade closed manually
The week commenced with a robust bullish momentum, enabling us to secure a profit of over 150 pips. However, the market experienced a wave of selling pressure as traders sought refuge in the US Dollar ahead of the release of important data, such as the ISM Manufacturing PMI and JOLTS Job Openings from the US. The US Dollar seems to be gaining strength in the current risk-averse market environment.It is noteworthy that the price has retraced back to the zone where buy positions were triggered yesterday. As a result, it is essential to exercise patience and observe how the market responds to this confluence of factors for potential signals.
During our live session today, we will delve into a detailed discussion of this market structure.
Happy new month!
Trade active
UPDATESell position running with 104pips profit; secure position while we look out for more opportunities
Note
Today's XAUUSD update reveals that all sell positions have been closed, resulting in a modest profit, as the price action continues to remain confined within the $1,952 and $1,943 zone in the last 19 hours. The market sentiment appears cautious ahead of the release of the ADP employment change data from the US economic docket, which will provide private-sector employment data for July.As these developments unfold, there are indications of a potential transition in the price action, forming a reversal pattern known as a double-bottom structure. A neckline has been identified at the $1,952 zone, and a breakout/retest at this level could potentially trigger and confirm the reversal pattern. We shall keenly monitor the price movement for any signals that could influence trading decisions today.
Good Morning
Trade active
We are currently enjoying a substantial profit of around 200 pips from two positions. The recent strength of the U.S. economy and job market has sparked fears of rising interest rates, leading to a significant drop in the Goldspot price. Now, all eyes are on the ISM services PMI, as it may provide further clues about the potential movement of the US dollar. To safeguard gains, it's essential to secure all positions at this point. Stay tuned for further updates and insights!Good MOrning
Trade active
UPDATE from our live session this morningTrade active
UPDATETrade active
Our sell position from yesterday's trading session is still active, currently showing approximately 12 pips in profit. The prolonged consolidation phase reflects the prevailing market indecision leading up to the NFP data release. We plan to delve into this market structure further during our upcoming live session this morning.Good Morning
Trade active
OUTLOOK ON THE 15MIN TIMEFRAME13 minutes into the NFP event, we have a simple set-up to work with ahead of this events.
Trade active
UPDATETrade closed manually
I just discussed this in detail on the XAUUSD Live monitoring window:i. All buy positions were closed due to a price drop, indicating a potential retracement.
ii. A bullish momentum has been established with the breakout of the $1,939 and $1,932.50 levels (identified in the 15-minute timeframe).
iii. Our focus is now on anticipating the culmination of the retracement move.
iv. The chart below provides a visual representation of the key elements to watch for in order to capitalize on the upcoming move.
Trade smart. Trade consciously
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