darcsherry

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

Short
darcsherry Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
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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Trade active: 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
Trade active: 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.

Trade active: 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
Trade active: 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
Trade active: moving stop-loss

Trade active: UPDATE
Moving stop loss

Trade active: 750pips running in profit; moving stop loss

Trade active: 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


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