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

OANDA:XAUUSD   Gold Spot / U.S. Dollar
It is over 10,000 pips in our direction since my last publication on this pair ( see link below for reference purposes) and it appears the price is at a juncture in the market where a correction phase is anticipated. Right now traders will need to see what happens over the next couple of weeks before having a strong conviction on the yellow metal and this indecision time is expected to be represented on the chart as a correction phase in the coming week(s).
In this regard, I envisage that the price of Gold may reverse to downtrend movement provided the support level of $1,850 was finally broken to the downside during last week trading session.

Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Reversal pattern (Triple Top)
Observation: i. Since the beginning of November 2021, Gold recorded an enormous 6.68% growth to hit a "temporary" peak at $1,877 before the emergence of lower highs on the chart.
ii. It appears that the current buying pressure in the market is unable to push the price above $1,870 and this could signal the beginning of a correction phase.
iii. The appearance of a Triple Top look-a-like which can be seen on the chart as a formation of three peaks moving into the same zone @ at approximately $1,870, with pullbacks in between can be considered complete after the price broke down pattern support @ $1,850 on Friday, hereby indicating a possible further price slide in the nearest future.
iv. With signs of Bearish momentum building around the Key level @ $1,850; the early hours/days of the new week might see a price climb into the new Supply level identified around $1,855/1,865 to incite further decline.
v. Below the Key level remains a comfortable zone for my fellow conscious traders with an opportunity to add to our existing position at a Breakdown/Retest of $1,840... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 3,500 pips.
Risk/Reward: 1:4
Potential Duration: 5 to 12days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.

Risk 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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