XAUUSD | Perspective for the new week | Follow-up details

Gold plunges to a new two-year low below $1,640 during the course of last week's trading session to set the tone for the risk of further decline in price. As the Greenback continue to soar, I want to see how price action is going to relate to the current structure identified on the 4H timeframe before making an informed decision next week.

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Comment:

Selling pressure appears to be the order so far as I am still looking out for a convincing structure to get set for a selling opportunity. Is there going to be a move into the $1,660 before a confirmation happens or will there be a breakdown of $1,635 to continue to the downside?

Good morning

Trade active:

Since the beginning of the week; sellers have continued to reject the $1,645 zone to insinuate a bearish momentum for this week. So, as the price continues to oscillate below the $1,645 area, I will be looking to sell the Gold.

good morning

Trade active:

Below the $1,640 zone remains a zone to sell.

Trade active:

Bearish momentum appears to be stalling; moving stop-loss to break even.

Trade active:

Price appears to have broken below the previous low @ $1,625 area to continue to move in our direction. Moving stop-loss

Good morning

Comment:

After being stopped with roughly $1,000pips from the sell position; the market structure appears to be shifting into bullish. Now that we are anticipating Powell's speech in 2.5hours - are we going to be seeing a reversal set-up where the $1,640 level becomes the neckline that will guide bullish expectations? Remember, there is a selling strength around the $1,640 area - which as been rejected since the beginning of the week. So a significant breakout of this level might negate all selling pressure...
let's see what happpens.

Trade active:

Following the breakout of the $1,640 yesterday, I want to see if there are going to be multiple rejections of the $1,640 (reversal pattern) and if that happens, I will be buying but if a breakdown retest of this neckline happens, I will be anticipating a sell move.

Good morning

Comment:

I just closed a 1,300pips profit as price action hits my TP target.

I shared this set-up during the live session today on my youtub channel

Update coming up soon.

Trade active:

Now, there appears to be an equilibrium in the current structure as the key level at the $1,640 area might be serving as a neckline for both a bearish and bullish momentum drive. However, with price action currently oscillating below the $1,660 area which lines up with the bearish trendline identified at the higher time and coupled with the appearance of a double top look-a-like; the possibility of a second wave of bearish momentum becomes feasible. So, as long as the price does not break above the $1,660 mark I will be selling the Gold.

Trade active:

Breakout/retest of the $1,660 appears to confirm market participants' willingness to buy the Gold.

Good morning

Trade active:

It's becoming interesting with the current market structure as there is a possibility that we might be having a transition into a head and shoulder pattern with the $1.660 level becoming the neckline. I have moved my stop loss to the entry zone for my buy position and if a breakdown/retest of the $1,660 happens, I will be planning to sell Gold.

Trade closed manually:

Break-even from my position as price hits the entry zone.

Good night and happy weekend