Gold was unable to crack the psychological level at $1,950 to bring fresh hopes of a new wave of bullish momentum and this can not be unconnected to the reassuring U.S. economy as the fear of recession recedes at least in the meantime. Data reported on Friday reveals that the PCE Index grew 5% in the year to December, versus an annual expansion of 6.8% in June further bringing a positive light to the Greenback. From a technical perspective, we have identified a potential trend continuation pattern as the $1,920 zone continues to reject selling momentum throughout last week's trading session. We still keep the option of a sell-off open considering the continued sell pressure below the $1,940 zone which might lead to an outright breakdown/retest of both the trendline (identified on the 4H timeframe) and the $1,920 zone.
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We crtiical stage as price is currently trading around the $1,925 and $1,920 range - a zone which not only shares a confluence with bullish trendline identified in the video but also at a strong demand zone. So, patience is required here; buying pressure at this zone on the lower timeframe will incite buying opportunities that might lead to a breakout of the $1,932/1,935 area to welcome additional positions. However, a significant breakdown of the $1,920/1,925 zone has a high chance of a potential sell-off. Update coming up soon
Good morning
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Secure the current buy position as selling pressure continues around the $1,925 level.
Trade closed manually
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Price action takes out the buy position at break even. A breakdown/retest of the current structure will welcome selling opportunities.
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Secure sell position as selling pressure breaks down the trendline and $1,925 level. Looking out for a breakdown/retest of the $1,920 level for additional positions.
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Secure all sell positions as the second position was triggered at the breakdown of the $1,920 level.
Good morning
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QUICK UPDATE
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Trade closed: target reached
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TP target hit on both positions with over 4,000 pips in profit. We are waiting to see how price action reacts to the $1,900 level to know if we are buying or adding more sell positions. See the replay of our live studio session on my channel for how to manage this trade during the NY session.
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Came in now to realize that I missed this bullish move. Congrats to those who took advantage of it. Lets see how price action reacts to the bearish trendline for our next line of action
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For our next line of action; find below a simple set-up identified on the 15 minutes timeframe. Update coming up soon
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Secure sell position
Happy new month!
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Secure sell positions
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Risking a buy stop order at the breakout of the $1,935 level
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Secure all buy positions
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Secure the buy positions as selling pressure resumes at the $1,956.50 level in the last 10 hours. A breakout/retest of this structure will welcome additional positions, however, if price action breakdown/retest the $1,950 level then selling opportunities will be considered.
Good morning
Trade closed: target reached
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Price action broke down the $1,950 to trigger the sell-stop order as price action hit the TP target with 3,000 pips in profit. Looking forward to seeing how price action reacts to the $1,920 level for more trading opportunities. We discussed this at length during our live session this morning (video on my youtub channel for reference purposes)
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Secure sell position as price action breakdown the $1,920 level
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To be on standby for more trading opportunities
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Secure all sell positions as buying pressure is observed around the $1,912 level
Good morning
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Buying pressure continues above the $1,912 level as participants look forward to the NFP event coming up later on in the day.
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The breakout/retest of the $1,918 level will welcome buying opportunities as buying pressure is identified around the $1,912 level. Please we are not negating the possibilities of selling opportunities at the breakdown/retest of the $1,912 level
Trade closed: target reached
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TP target hit on previous sell positions as another one is triggered at the breakdown of the $1,912 level. Secure new sell positions now as the US NFP arrives at 517K in Jan as against the 185K expectation.
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Secure the additional position at the breakdown of the $1,900 level