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XAUUSD | New Perspective | Follow-up details

This is a follow-up video to my previous analysis on the XAUUSD where we closed the week with over 4,000 pips in profit (see link below for reference purposes). Gold prices fell further away from the key level at $1,800 last week as concerns over rising interest rates and a potential recession in 2023 saw investors pivot into the dollar and Treasury yields. Despite a uniform bullish momentum since September, the selling pressure noticed at the beginning of this month which is followed by a consolidation phase between $1,820 and $1,785 has the potential of breaking down the bullish trendline to incite a sell-off in the coming week(s). So, this week shall see us using the key level at the $1,800 level as a yardstick for trading opportunities.

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

The week started in a bullish tone as I missed the breakout of the key level identified in the video at the $1,800 level. Now, with the $1,800 area serving as the support level for the week; we continue to look out for opportunities to buy the Gold. So a breakout/retest of the resistance at the $1,806.50 will be an opportunity to join the potential rally. However, if the price breakdown/retest of the support at $1,800, sell pressure below this structure on a lower time frame will confirm selling opportunities.

Good morning

Trade active

Securing the buy position

Trade active

Just as discussed during our live studio session this morning, the second position is triggered at the breakout/retest of the $1,809.50. Secure all buy positions as we look forward to more opportunities if buy pressure continues above $1,820... You might want to watch the replay of our live session on my youtub channel for insights on how to manage this trade.

Trade closed manually

Taken out of the buy position with over 1,000pips profit. At his point, we shall wait for another structure to evolve for the next line of action... Update coming up soon.

Trade active

As sell pressure continues below the $1,820 level, we continue to look out for selling opportunities the $1,813 level

Trade active

Secure the sell position as the newly identified bearish trendline shall be our guide for trading activities today.

Good morning

Trade active

Securing all sell positions while selling pressure continues

Trade active

Over 2,000 pips in profit (3 positions) as price test the key level at $1,800. Looking forward to another opportunity at the breakdown/retest of the $1,800.

Trade active

I am taking my family out and shall be back here in 4 hours... Please watch the replay of our live session today on my youtub channel for insights on how to manage this trade.

Trade active

I am back!
Just as discussed during the live session today, price action tested the $1,806.50 to trigger another sell position. So, we have 4 sell positions running at the momentum, time to secure all positions as we look forward to adding more positions at the breakdown/retest of the $1,800 level. Update coming up soon

Trade active

buy pressure resumes around the $1,804 zone. Planning to buy a breakout/retest of the $1,806.50 level while we keep the option of a breakdown/retest of the $1,800 level open

Trade active

The buy position was triggered at the breakout/retest of $1,806.50; secure all buy positions at this point as we look forward to adding more positions at the breakout/retest of the $1,810 level.
Despite the buying pressure at this juncture, I do have a strong feeling that sellers might break down the $1,806.50.

Good morning

Trade active

Selling pressure intensifies around the $1,810 level hereby taking out the buy position at break even. Now, the $1,806.50 level shall be serving as the neckline of the potential reversal pattern. Looking forward to a breakdown/retest of the $1,806.50 selling opportunities.

Trade active

I missed out on the bullish move here... So, I will be waiting for a retest of the $1,810/1,806 zone to join the rally if buy pressure is sighted on the lower timeframe.

Trade active

Sell pressure resumes at the $1,820 level - a strong selling niche since the beginning of this month. Congrats to those who rode the bullish momentum yesterday into the $1,820 level. So this morning, we have new structures to guide our trading activities for today; the new trendline and the $1,820 level. A breakout/retest of the $1,820 will welcome additional buy positions and a breakdown of this trendline could incite a sell-off which might be a result of the continued sell pressure from the $1,820 zone... Update coming up soon.

Good morning

darcsherry

Trade smart. Trade consciously

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