XAUUSD | New perspective | follow-up details

Following a massively profitable week for us (see the link below for reference purposes); The Gold tumbled almost 3% on Friday after a blockbuster U.S. jobs report for January which came in with whopping 517,000 jobs hereby triggering profit-taking activities on the yellow metal’s long-running rally since the beginning of the year. Price is currently trading at a critical point where the bullish trendline and the $1,860 share a confluence on the daily timeframe. This video illustrates the technical perspective of the current market structure to figure out trading opportunities for the new week.

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Past performance is not necessarily indicative of future results.

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The week has started on a bullish note as buying pressure is observed above the $1,860 level. If the buy pressure is going to continue, we might likely see a breakout/retest of the $1,880 level for buying opportunities. However, if a breakdown/retest of the $1,860 level happens, we shall be ready for a trend continuation to the downside. Update coming up soon

Good morning

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With a flat channel within $1,880 & $1,875, a Pennant pattern is identified on the 15-minute timeframe

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Secure the current sell as buying pressure resumes where a breakout/retest of the $1,880 level will welcome buying opportunities. Watch the replay of our live session this morning as we discussed this at length.

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Ensuring that the sell position is secured as we look forward to adding more positions at the breakdown/retest of the $1,860 level. I will share the outlook on the 1H time frame in a moment

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outlook on the 1H timeframe

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Price action takes out the sell position with a small profit. Still looking forward to selling opportunities beloew the 1,875 level

Good morning

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QUICK UPDATE

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The bears have been struggling in the last 24 hours as price action remains consolidated around 1,875/1,865 range

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Secure sell position

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Taken out of the sell position. Sellers are unable to make a breakthrough as we anticipate Fed's Chair Powell's speech in an hour. A breakout/retest of the week's resistance level at the $1,880 level will be welcoming buying opportunities.

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Selling pressure continues below the $1,880 level

Good morning

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Secure the buy position as price action break out the $1,880 level

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Price action takes out the buy position as the consolidation phase continues and with a breakdown of the $1,880 level again! Looking forward to selling opportunities below the $1,880 level since bulls have found it difficult to remain strong above this level.

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UPDATE

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Price action takes out the sell position as indecision continues in this market. Risking a buy position above the $1,880 level in anticipation of a breakout/retest of the $1,886.50 level. We shall keep the option of selling opportunities open at the breakdown/retest of the $1,875 level.

Good morning

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Secure the current buy position as price action breakout/retest the $1,880 level

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Buy position was taken out at breakeven as price action triggers the sell-stop order at the breakdown of the $1,875 level. Time to secure the current position as we look forward to more opportunities.

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Secure sell position as we look forward to more opportunities

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Secure sell positions and following the breakdown of the $1,860 level, we look forward to adding positions below the $1,860 level.

Good morning

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FRESH NEW LOOK

Markets have remained indecisive in the last 11 hours as all eyes remain fixed on the outcome from Michigan Consumer Sentiment Index which is coming up in 45 minutes, In that regard, this is what I see from another technical angle on the 1H timeframe.

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UPDATE following the COnsumer Sentiment Index