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

This is a follow-up video to my previous analysis on the Gold metal as we were able to close our position on a positive note last week. Even though the price of Gold surged in the last four days of last week's trading session to reach a one-week high after a depressed September; I am of the opinion that a selling move might be setting up for the new week as the price continues to trade below the key level at $1,685.

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So since the beginning of the week price has been caught within a range of $1,670 and $1,1660 and the current structure still has a potential for a selling option as I look forward to a breakdown/retest of the $1,660 zone.

Good morning

Comment:

Since the price is still ranging between $1,670 and $1,660; It is important to state here that a breakout of the channel in either way could send the price in the breakout's direction

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The trading activities have led to a significant breakout of both the key level identified in the video and channel between $1,660 and $1,675 to set the tone of a bullish expectation for this week. At this point, I want to see if the market will be giving me a second chance to join the potential bullish wave at the retest of the structure.

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In the last 24 hours I have been waiting for the market to give me a second chance to join the potential second wave of bullish momentum after missing out on the first wave at the beginning of the week.

Good morning

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The bullish momentum since the beginning of the week is so strong that it broke the key level at $1,680 on Monday and I have been waiting for a second chance to enter the second wave since I missed the initial move. Meanwhile, since I am expecting a retracement into a potential buy zone around the key level at the $1,680 zone - a counter-trend position (sell) will be reasonable with precautionary measures as stop loss is moved accordingly to protect my position against any sudden trend continuation to the upside.

Good morning

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moving stop-loss

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UPDATE
Moving stop loss

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750pips running in profit; moving stop loss

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With over 650pips in profit at the moment, it is obvious that there hasn't really been much difference from the situation we were in yesterday as multiple rejections of the $1,705 level in the last 13 hours indicate buying pressure at this juncture in the market. This could also be a clue that participants in this market are looking forward to the NFP today to make an informed decision. So, with our existing sell position secured I will continue to monitor price action; if a breakdown/retest of the $1,705 level happens then a selling continuation becomes valid.

Good morning

Trade active:

A positive NFP result appears to have ignited strong traction for the Greenback as the price finally breaks down and retested the $1,705 area (an area where buyers gathered prior to the NFP). Adding another position below the $1,705 was confirmed after the breakdown/retest of the structure... Precautionary measures now in place

Comment:

Despite missing the bullish move that started this week, $3,300 pips profit was achieved this week (multiple entries).

Happy weekend