XAUUSD | Perspective for the new week | Follow-up

In the current scenario, the gold price shows underlying support, but a confident reversal necessitates navigating several crucial filters.

Currently, XAUUSD faces selling pressure due to a higher-than-expected US Producer Price Index (PPI) and modest Consumer Price Index (CPI) rise in July. While a recovery attempt has been made, uncertainty persists due to concerns about lingering inflation, especially in rental prices.

Though both consumer and producer inflation rose in July, it's insufficient to prompt the Fed's further interest rate hike in September. This environment contributes to a challenging week for gold, with a stronger dollar and elevated bond yields impacting its performance.

For a substantial gold reversal, it's crucial to traverse filters, especially in anticipation of US economic indicators like the consumer price index and FOMC minutes. Despite a recent Fed stance against lowering rates, gold's outlook remains promising in the coming week.

XAUUSD Technical Analysis:
In this video, we delve into XAUUSD's price action, decoding accumulation and distribution patterns. By analyzing historical price moves, market behaviors, and buyer-seller dynamics, we extract insightful cues.

The $1,910 level takes center stage. Its historical significance makes it a crucial point. If buying momentum sustains, a bullish week could unfold. However, the $1,910/$1,900 breakdown might trigger a USD-favored sell-off.

Stay tuned for more thrilling updates on the Gold market! Remember, trading involves risks, and I always recommend exercising caution and seeking advice from financial professionals. Hit the like button if you found this analysis helpful, and don't forget to subscribe for more exciting content! 📺🔔💼

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.

Comment:

Sellers are finding the $1,910 zone challenging to breach, given the emergence of buying pressure above this threshold. A distinct range pattern is evident on the chart, necessitating a patient approach as we await a clear signal before considering any trading positions.

Good Morning

Trade closed manually:

Sell position closed at breakeven; restoring the status quo. We are now in a state of anticipation, poised for either a breakthrough or a breakout of the range, which will pave the way for potential trading opportunities.

Trade active:

We currently have two profitable sell positions open. Time to secure these positions and keep an eye out for new chances. Our focus turns to a crucial economic factor for the US economy: Retail Sales. Keep in mind that the market sentiment might shift due to the anticipation of this event.

Good Morning

Trade active:

In spite of the price consistently remaining beneath the descending trendline since the beginning of the week, sellers are encountering significant resistance in their attempts to breach the $1,903 threshold. This underscores a prominent sentiment: there is a resounding consensus that Gold has reached an attractively affordable level for investment. From a technical perspective, the forthcoming catalyst for buying opportunities remains contingent upon the breakout/retest of the descending trendline and the $1,906 mark. As for the existing sell position, it is imperative to take measures to secure it without delay.

Good Morning

Trade closed: target reached:

TP target hit, yielding more than 350 pips across three positions. While trading activities continue beneath the descending trendline, we shall excercise patience. Observing how price action interacts with the trendline will shape our next line of action.

Good Morning

Trade active:

As elaborated in our earlier live session today, a counter-trend prospect emerges upon the breakout/retest of the $1,895 level. It is time we prioritize securing the buy position as we'll closely observe market dynamics in response to both the descending trendline and the $1,900 zone (a potential selling window). Depending on market participants react to this crucial zone will determine whether we add to our position or prepare for a potential sell. Join the XAUUSD Live Monitoring for immediate, real-time price action tracking.

Trade active:

UODATE on 15 minute timeframe

Trade active:

UPDATE

All buy position closed and Sell position triggered

Trade active:

UPDATE

All expected selling positions executed; secure positions now

Trade active:

UPDATE Over 200 pips in profit (4 positions) as the final sell position gets triggered at the $1,889

Trade closed manually:

Having gained more than 200 pips during yesterday's session, a resurgence in buying pressure signals intriguing prospects for today's trading. Our focus remains on seeking additional selling opportunities, given the persistent position below the descending trendline. A confirmation of the downtrend continuation hinges on a breakdown/retest of the $1,892 level. However, a breakout/retest of both the descending trendline and the $1,895 level would trigger our search for potential buying opportunities.

Good Morning

Trade active:

UPDATE

Sell position triggered

Trade closed manually:

UPDATE

Sell position closed at break-even as we return back to status-quo