XAUUSD | New perspective | follow-up details

The previous week witnessed a risk-averse market atmosphere that helped the US Dollar find demand at the 1,970 area as a safe haven ahead of the FOMC. Economic data from the previous week reveals that though inflation is falling, it still remains well above the Federal Reserve's annual goal of 2% hereby increasing the expectations of another 25 basis-point interest rate hike when the central bank meets next week - a move which is likely going to favor the Greenback. In this video, we have taken the time to dissect the current market structure from a technical standpoint to identify potential trading opportunities ahead of the new month.

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.

Comment:

The new month has started on a bearish note and it is clearly illustrated on the chart the activities of market participants in the first few hours of the week. So, we are waiting for a signal in the form of either a breakout or a breakdown of the current structure. However, because of the demand zone - it is important to note that the breakdown of the support line will not trigger a sell position as we need a confirmation of selling pressure before joining.

Good morning

Comment:

The fallout from our morning live session; recall that we are looking at a retest (selling pressure) after the breakdown of the 1,980 level before joining a bearish move.

Comment:

UPDATE
15-minute outlook

Trade closed manually:

The buy position moved about 150pips in our direction before the sell pressure resumes. We are waiting for normalcy following a positive ISM manufacturing PMI... update coming soon

Comment:

Outlook on the 15-minute timeframe

A simple set-up identified as the support line recognized earlier at the 1,980 level has been "supporting" buying pressure in the last couple of hours hence a breakout/retest of the 1,984 will confirm an uptrend. However, a breakdown/retest of the 1,980 level will welcome selling opportunities. Please let's wait for confirmation.

Trade active:

UPDATE

Trade closed: stop reached:

Sto-loss hit on the sell position and I have just re-adjusted the channel to suit the current market structure.

Good morning

Trade active:

Fall out form our live session this morning

Comment:

Secure the buy position

Trade active:

Secure all buy positions as price action approaches TP target zone; still looking out for more opportunities at breakout/retest of 2,005 zone

Trade closed: target reached:

TP target hot with a total of 350 pips in profit on two positions as price action hit the 2,005 level

Trade active:

Another entry at the breakout/retest of the 2,005 level running with 120 pips in profit; secure buy position

Trade active:

Following a highly profitable trade yesterday, the third position hits a new high at the 2,019.50 zone and has since fallen into a consolidation phase. Secure the buy position while we look out for more opportunities and remember that we have a major event coming up today that has a high chance to strongly affect this market... We'll discuss this in detail during our live session

Good morning

Trade active:

We continue to monitor price action

Trade active:

Secure sell position

Trade closed manually:

Price action takes out the sell position as buying pressure resumes

Trade active:

Secure the buy position

Trade active:

Secure buy positions - Fed Reserve announcements coming up in 25 minutes from now; we now have a new structure on the 15-minute timeframe. A retest of the new structure at the 2,025.50 level for buying opportunities

Trade active:

Secure the buy position now!

Comment:

#XAUUSD
UPDATE

Trade closed: target reached:

Just had TP target hit at 2,035

Trade active:

Secure sell positions

Trade closed manually:

Sell position taken out, at this juncture no trades will be taken until normalcy comes back into this market

Comment:

Since testing a new high, price action appears to be going through a retracement phase and this juncture is caught within a range between 2,045 and 2,030. Let's see how the market will react to this zone for trading opportunities.

Good morning

Trade active:

Fallout from today's morning live session

Trade active:

Secure the buy position now

Trade closed manually:

Price action takes out the buy position as selling pressure resumes. Waiting for either a breakout or breakdown of the current structure for new trading opportunities.

Trade active:

Buying pressure continues

Comment:

The market remains choppy ahead of the NFP data coming up later in the day.

Good morning

Trade active:

Fallout from our live session today; secure sell position

Trade active:

Ensure sell position is secured as buying pressure is observed at the 2,036 level

Trade active:

We are right on time, 3 positions running in profit as NFP data came in beyond expectations with 253K; secure all positions now

Trade active:

Over 800pips in profit on the 3 position running, secure all sell positions

Trade closed: target reached:

Sell positions taken out with approximately 800pips profit