XAUUSD | Price Action | New perspective | follow-up details

Welcome, traders, to this week's XAUUSD price action-based technical analysis.
Gold prices experienced a decline as the dollar surged to its highest point in over a week. As we gear up for the upcoming central bank policy meetings, including the BOJ and the Federal Reserve, there's growing anticipation surrounding potential rate hikes.

All eyes are on the Fed's meeting next week, where a quarter-percentage-point rate increase is expected. Analysts eagerly await Chair Jerome Powell's press conference on Wednesday for hints about the Fed's future moves, especially regarding their goal of achieving a 2% annual inflation target amid a robust economy and tight labor market. Additionally, we'll be closely monitoring reports on second-quarter GDP and the personal consumption expenditure index, along with the latest reading on consumer sentiment from the University of Michigan.

As traders grapple with uncertainties about the Fed's path post-meeting, we find ourselves at a critical juncture from a technical standpoint. The XAUUSD price hovers around the crucial confluence near the $1,960 zone.

XAUUSD Technical Analysis:
In this video, we embark on an in-depth analysis of XAUUSD's price action, focusing on intricate patterns of accumulation and distribution. By dissecting past price movements, interpreting market behaviors, and identifying recurring trends, we'll gain invaluable insights into the motivations and actions of both buyers and sellers.

Our attention is drawn to the key level at $1,960, which holds tremendous importance for the week ahead. It serves as a pivotal focal point, and the reactions witnessed within this zone, particularly in light of upcoming high-impact economic events, will be indispensable in guiding our precise trading decisions.

Together, let's replicate the triumphs of the previous week and prepare ourselves to seize the opportunities that lie ahead! With my updates and comprehensive analysis, you'll be equipped with the necessary tools to make well-informed and strategic trading choices throughout the week.

The stage is set, the spotlight is on, and the thrilling drama of the gold market awaits your presence. Stay tuned in and get ready to embark on this adventure with confidence and finesse! Happy trading!

Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.

It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.

Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.

Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.

Trade active:

As we approach the mid-week Fed's interest rate decision, trading activities have continued to stay above theweek's key level at $1,960. This has prompted a bullish bias for the time being. Focus will be on seeking buying opportunities, especially if there's a breakout/retest of the recently identified resistance line at $1,962.50.

On the other hand, we also need to be watchful for potential selling opportunities if there's a breakdown/retest of the support line and key level. This could signal a shift in market sentiment and open up possibilities for profitable short positions. Let's keep a close eye on these price levels and be prepared to act accordingly.

Good Morning

Trade active:

Following our live session this morning, it was noted that the price action's ability to remain above the identified demand zone around the $1,958 and $1,960 range provides a reassuring signal for considering buying positions.

Trade closed manually:

The buy position has been closed, and unfortunately, it resulted in a break-even scenario. As we return to the status quo, we will patiently await new signals before considering any further actions.

Comment:

The recent drop below the $1,958 zone highlights the current strength of sellers in the market. It's uncertain whether the price action is experiencing a retracement phase that might lead to further downtrend continuation or if the newly identified descending trendline (red) will be breached, potentially triggering an uptrend. The course of action going forward will largely depend on how price action interacts with the levels identified on the chart.

Good Morning

Trade active:

UPDATE

Secure position

Trade closed manually:

Sell position closed at break-even as buying pressure resumed. A breakout/retest of both the descending trendline and the $1,96.50 welcomes buying opportunities. Note that confirmations is required to open position at this juncture

Comment:

outlook on the 15 minute timeframe

Trade active:

Buy position triggered, due to the existing volatility, give room for a wider stop-loss.

Trade active:

Two buy positions triggered and running with 120 pips in the uptrend direction; secure all buy positions as we look out for more buying opportunities.

Good Morning

Trade active:

#XAUUSD

UPDTE

Secure all buy positions as selling pressure resumes

Trade closed manually:

#XAUUSD

All buy positions closed with a minimum of 120 pips profit. Another new wave of bullish momentum is observed looking out for buying opportunities at the breakout/retest of the $1,973 level.

Trade active:

Dropped a live commentary 10 minutes ago on the live window. The recent buy position is currently running at a loss as selling pressure resumes.

Trade active:

The recent buy position was taken out in a loss as Sell position get triggered at the breakdown of the $1,970

Trade active:

#XAUUSD

Two buy positions triggered as the Fed Chair is currently taking question and answers from the press. Secure position (we just discussed this development in the live window)

Trade active:

Buying pressure continues as price action finds higher lows; secure all buy positions. The ascending trendline remains our guide for today's trading session.

Good Morning

Trade active:

After our live session this morning, we reached a consensus that a breakdown below both the ascending trendline and the $1,975 mark could present attractive selling opportunities. However, we also remain open to the possibility of an uptrend continuation if the price successfully breaks out and retests the $1,980 level.

Trade active:

Sell positions triggered as price breaks down the ascending trendline and the $1,975 level; secure positions

Trade active:

After accumulating over 800 pips in profit from three successful sell positions, I believe it's time to wrap up my trading activities in Goldspot for today. Secure all sell positions at any price below $1,960. This marks the end of updates for today on this asset, and I won't be providing any further insights. Congratulations to everyone on this profitable journey. Well done!

Trade active:

After the release of the remarkable Q2 GDP data from the US economy, the market reacted swiftly, causing a significant drop in the price of gold. This rapid decline presented a valuable opportunity for us to capitalize on, as we managed to gain over 800 pips from three positions. Currently, the price seems to be undergoing a correction phase after testing the $1,944 zone, with buying pressure becoming evident. We are ensuring the security of all sell positions while also keeping an eye out for potential downtrend continuation patterns. We look forward to discussing this in detail during our upcoming live session.

Good Morning

Trade active:

Fall out from our live session this morning;

Comment:

UPDATE

Trade active:

With over 200 pips in profit from three buy positions, it is time to secure all positions.

Trade active:

UPDATE

Selling pressure resumes

Have a great weekend everyone!