XAUUSD | Perspective for the new week | Follow-up details
We witnessed a 1,500 pips move in our direction since my last publication on this pair (see link below for reference purposes) and it appears we are at another juncture in the market that welcomes another opportunity to hop in the train of a second rally. The beginning of reversal set up at exactly $1,750 Level (Double Bottom) identified on the 29th June 2021 also falls at a 61.8% retracement of a Bullish impulse leg (see weekly chart) insinuates a strong trend continuation in the nearest future.
Tendency: Uptrend (Bullish)
Structure: Breakout | Supply & Demand | Reversal pattern (Double Bottom)
Observation: i. The price has remained "supported" at around $1,750 since it broke above this level on the 15th of April 2021.
ii. A peak at $1,915 was established on the 1st of June 2021 and since then we have witnessed a downward spiral after the completion of Double Top set up that I and my team missed!
iii. The Demand level which had held price "supported" since April 2021 appears to be holding price again as a Double Bottom pattern emerges.
iv. Double Bottom: We do have an extremely bullish technical reversal pattern in play that describes a change in trend and a momentum reversal from prior leading bearish price action as the twice-touched low @ $1,750 area is considered a strong support level.
v. There is an identification of Key level @ exactly $1,800 which serves as a significant level that possesses a strong memory for bullish thrust since July 2020 (see weekly chart).
vi. Breakout and rejection of the Neckline/Key level @ $1,800 during the latter part of last week trading session give some credibility to the Bullish bias hereby revealing participants clamour for Gold over the Greenback.
vii. There is the possibility that the price may plunge to $1,78--- at some point but above Key level @ $1,800 remains our yardstick for buy opportunity in the coming week(s).
viii. A Breakout/Retest of Neckline of the Double Top @ $1,870 might welcome addition to the existing position... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 1,500 pips.
Risk/Reward: 1:5
Potential Duration: 15 to 25days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk 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.
Tendency: Uptrend (Bullish)
Structure: Breakout | Supply & Demand | Reversal pattern (Double Bottom)
Observation: i. The price has remained "supported" at around $1,750 since it broke above this level on the 15th of April 2021.
ii. A peak at $1,915 was established on the 1st of June 2021 and since then we have witnessed a downward spiral after the completion of Double Top set up that I and my team missed!
iii. The Demand level which had held price "supported" since April 2021 appears to be holding price again as a Double Bottom pattern emerges.
iv. Double Bottom: We do have an extremely bullish technical reversal pattern in play that describes a change in trend and a momentum reversal from prior leading bearish price action as the twice-touched low @ $1,750 area is considered a strong support level.
v. There is an identification of Key level @ exactly $1,800 which serves as a significant level that possesses a strong memory for bullish thrust since July 2020 (see weekly chart).
vi. Breakout and rejection of the Neckline/Key level @ $1,800 during the latter part of last week trading session give some credibility to the Bullish bias hereby revealing participants clamour for Gold over the Greenback.
vii. There is the possibility that the price may plunge to $1,78--- at some point but above Key level @ $1,800 remains our yardstick for buy opportunity in the coming week(s).
viii. A Breakout/Retest of Neckline of the Double Top @ $1,870 might welcome addition to the existing position... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 1,500 pips.
Risk/Reward: 1:5
Potential Duration: 15 to 25days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk 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:
Weekly perspective identifying the buying power around Key level @ $1,800 since July 2020
Trade smart. Trade consciously
