Short

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XAUUSD | New perspective | follow-up details

This is a follow-up video to my previous analysis on Gold where we were able to close the week with over 4,000pips in profit (see the link below for reference purposes). Despite a sharp bullish run at the beginning of last week, the price of Gold settled below the $1,800 mark, finishing with a 0.9% growth in value. In addition to the renewed hawkish tone of the Fed last week, it is important to note the appearance of sell pressure at the $1,815 level since the beginning of this month (December 2022) which has a tendency to breakdown the $1,785 to trigger a correction sell-off from a level which also shares a confluence with bullish trendline hereby sending a bearish signal across the market.

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.

Trade active

Price is caught within a $5 channel $1,795 and $1,790 to emphasize a temporary indecision in themarket as participants continue to test waters. So we are going to be waiting out for signals in the form of either a breakout or breakdown of the channel to join the potetntial move for the week. Update coming up soon

Good morning

Trade active

Sell pressure resumes below the $1,795 level

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Secure the sell position

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Update

Trade closed manually

Price action takes out the sell position with over 1,000 pips profit as buying pressure resumes above the $1,785 level. Since I have missed this bullish move, I have no choice but to see how price action will relate to the $1,790 level to make a decision. Breakout/retest on a lower time frame will welcome buying opportunities.

Good morning

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Secure the buy position

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Over 1,000pips in profit; secure the buy position as we look forward to seeing how the price will react to the $1,810 and $1,815 zone for an informed decision.

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Update on 15minutes timeframe

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Taken out of the buy position with 850pips profit. Looking forward to how the price reacts to the $1,795 level for buying opportunities. Stay tuned in

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Buy pressure resumes at exactly 50% retracement of the previous impulse leg.

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quick update

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Second position triggered, secure positions while we lookout for opportunities to add to the existing position at the sight of buy pressure above the $1,815 level

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Over 3,000 pips in profit (2 positions). Time to secure all position as we have noticed selling pressure around the $1,821 zone. Now, the price is at the $1,815 level... we shall be patient to see how price action reacts to this level in the next hour as a breakdown/retest of the $1,815 will confirm a reversal pattern (double top structure) hence we get ready to sell. But if buy pressure continues above the $1,815 then we could risk adding another buy position with the hopes of a breakout of the $1,821 zone in view.

Trade active

Secure all buy positions as sell pressure resumes below the $1,821 level

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We ensure that all buy positions are secured while we monitor price action. I still look forward to adding a position at the breakout/retest of the $1,821 zone. However, it is worth noting the strength of the sellers at this juncture as a possible breakdown/retest of the $1,815 could incite a corrective sell-off.

Good morning

Trade active

Secure all buy positions... You might want to watch the replay of our live session this morning for insight on how to manage this trade (video on my youtub channel).

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Another position triggered as price action breakout/retest the $1,816.50. Secure all buy positions as we look forward to adding more at the breakout/retest of the $1,821 zone.

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secure all buy positions now as sell pressure resumes for the second time this week below the $1,821 level.

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Sell pressure continues as we anticipate breakdown/retest of the $1,814 level for selling opportunities.

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All buy positions still running in profit and it is important that we notice that price action has been caught within a flat channel ($1,821 and $1,814 zone) in the last 48 hours. This might not be unconnected to the macroeconomic event coming up later in the day - The US Bureau of Economic Analysis will release the GDP growth for Q3. So, we shall remain patient at this juncture and wait for either a breakout of this channel to add more buy positions or a breakdown of the channel in anticipation of a sell-off.

Good morning

Trade active

Following a positive GDP of 3.2%, it's very likely that profit-taking activities might kick in which will lead to the breakdown/retest of the $1,814 zone. Note that we still keep the option of a breakout of the channel open. You might want to watch the replay of our live session this morning for insight on how to manage this trade (video on my youtub channel).

Trade active

Sell position triggered as price finally breaks down the $1,814, time to secure position as we look forward to opportunities of adding more positions. Update coming up soon

Trade closed: target reached

Tp target hit with approximately 2,000 pips profit as price test where the last bullish momentum we took started at the $1,795 zone. So, let's see how the price reacts to this level to determine what our next line of action will be. Are we going to be seeing buy pressure or a breakdown of this level? Update coming up soon

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Outlook on the 15 minutes timeframe

Sell pressure continues as the price breaks down the $1,795 level

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update on 15minutes time frame

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Sell pressure gets stronger as price breaks down the bullish trendline we identified on the 4H time frame in the video

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Price action takes out the current sell position with a small profit. I still remain with a bearish bias on XAUUSD as we wait out for this potential. We should also watch out for sell pressure below the 1,795/1,790 zone for selling opportunities.

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So as soon as the price tested the $1,785 level yesterday, we begin to witness buy pressure which finally led to the breakout of the $1,795 level - the level where we took advantage of the bullish momentum this week. We continue to look out for buying opportunities above this level to ride a potential retracement of the last bearish move.

Good morning

Trade active

Secure the buy position as we use the trend line to guide trading activities for today. You might want to watch the replay our live session this morning on my youtub channel for insights on how to manage this trade.

Trade active

580 pips running in profit, secure buy position as sell pressure emerges

Note

The markets have stayed relatively calm as trading conditions remain subdued due to a lack of liquidity heading into the holidays, but It has been a profitable week on the XAUUSD so far as we closed the week with over 4,000 pips in profit and congratulations to everyone who was part of this journey!

Merry Christmas to you!

darcsherry

Trade smart. Trade consciously

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