XAUUSD | Perspective for the new week | Follow-upWith over 1,700pips in our direction since my last publication (see link below for reference purposes) - strong bullish momentum continue to persist as buyers don't seem ready to give up additional gains. The bulls may push the price further up should the bears find it difficult to break down the Demand zone/Trendline @ $1,888 in the coming week.
Tendency: Uptrend (Bullish)
Structure: Breakout | Supply & Demand | Trendline
Observation: i. The break above Key level @ $1,900 during the course of last week trading session opened the possibility of a rally continuation.
ii. The line drawn under pivot lows (Pivot I & II) is a visual representation of the prevailing direction of price action in the last couple of weeks.
iii. On the 25th of May 2021, we experienced price breaking above $#1,888 (a level that rejected price for 7 days) to confirm an uptrend continuation.
iv. The breakout of $1,888 was followed by a sharp rejection of this same level to form a new level for Demand (61.8 retracement).
v. The area above Key level @ $1,900 shall be a yardstick for buying opportunity in the coming week(s).
vi. CAUTION: Should price break down the Demand zone/Trendline @ $1,888 then we shall be looking at a possible nosedive in price action.
Trading plan: BUY confirmation with a minimum potential profit of 2,000 pips.
Risk/Reward : 1:4
Potential Duration: 1 to 4 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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.
