After scooping a 7,000 pips profit from our previous analysis (see link below for reference purposes); the yellow metal posted its third weekly loss as price action drops into the $1,800 zone (where it started the year) clinging to a "strong support" where buying pressure was observed on Friday. With price action stuck at the mid-$1,800 level, Participants will be faced with the dilemma of discerning possible direction amid calls by Federal Reserve officials for sharper rate hikes. This video illustrates from a technical standpoint what we shall be looking out for in the coming week.
00:49 Reference to last week's daily commentaries and results
05:20 XAUUSD Technical analysis on Daily chart
10:30 Macroeconomic events to look out for the week
11:35 XAUUSD Technical analysis on 4H Timeframe
12:04 Conclusion on next week's expectation on XAUUSD
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.
00:49 Reference to last week's daily commentaries and results
05:20 XAUUSD Technical analysis on Daily chart
10:30 Macroeconomic events to look out for the week
11:35 XAUUSD Technical analysis on 4H Timeframe
12:04 Conclusion on next week's expectation on XAUUSD
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.
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Ensuring that position is secured as buying pressure appears to have resumed around the $1.833 level in the last couple of hours. If this continues, a breakout/retest of the bearish trendline will incite buying opportunities and a breakdown of the $1,833 level will welcome additional sell positions. Update coming up soonTrade active
The buying pressure takes out the sell position as price action breakout/retests the trendline identified earlier. Breakout/retest of the $1,838 level will welcome buying opportunities. However, if price action breakdown/retest the $1,833 level - a sell position will be triggered. Update coming up soonNote
Markets remain cautious ahead of FOMC minutes (tomorrow) hence the need to be risk averted with our positions. Best of LuckTrade active
following the Federal Open Market Committee (FOMC) Meeting Minutes yesterday, price action is back to our entry point and if we consider the breakdown of the $1,833 level yesterday, it is obvious to expect a retest of this structure in anticipation of a downtrend momentum. However, is worth noting that there is a high-impact event - GDP today and this might lead to a consolidation phase around this area before any traction happens. Update coming soonGood morning
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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.
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.