XAUUSD | New perspective

Last Friday NFP's positive report appears to have interrupted the downside turn. Despite the strong bearish expectations from the majority; the bulls could be about to make their move as multiple rejections of the $1,700 area from the buyers occurred for the second time in the last two weeks. In this video, I detailed my expectations based on the current structure and how I plan to trade the Gold in the coming week.

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.

Comment:

Price is caught within the $1,714 and $1,708 zone since the beginning of the week and I have 3 scenarios to look out for this week after considering the current structure. Waiting for a signal

Good morning

Trade active:

We are now witnessing a set-up that is lining up for potential bullish move as a breakout of the channel at the $1,174 finally happens.

Good morning

Trade closed manually:

Break-even.

I am looking to sell as a rejection of $1,720 is sighted

Good morning

Trade active:

The breakdown of the $1,714 level could be the bearish signal for the week hence I want to wait for the price to come within the sell window to join a potential downtrend continuation.

Good morning

Trade active:

So, the price is within the sell window (around the $1,715 area) identified earlier. Looking forward to a reversal pattern here to join the decline.

Comment:

reversal pattern in the lower time frame

Trade active:

The price is within the supply window and a couple of reh=jection of the $1,720 level could incite a selling momentum soon.

Good morning

Trade active:

Locking in some profit

Trade closed manually:

Stopped out with a lil profit and it appears a bullish momentum has taken shape. Looking out for bullish opportunities. Update coming soon

Good morning