We witnessed over a 9,000pips move since my last publication on this pair (see link below for reference purposes) and the present structure reveals that price has continued to find higher lows since it hit bottom at $1,720. The Demand zone around the $1,770 area appears to be getting stronger as it continues to reject the sellers in the last 2 months. It is obvious that there were mixed feelings amongst market participants on Friday as investors digested payroll data and its potential impact on Federal Reserve policy in the final session of an already roller-coaster first trading week of the year.
Tendency: Uptrend (Bullish)
Structure: Breakout | Supply & Demand | Trend continuation (78.6% retracement)
Observation: i. I noticed that between the month of September 2021 and mid-November 2021; the price of Gold moved north with approximately a 9% growth in value - a significant feat in recent time to signal a bullish momentum behind the scenes.
ii. $1,830 zone which has been a strong niche for sellers was finally broken on the 10th of November 2021 to set a bullish tone in the market.
iii. A breakout of the key level identified at $1,800 was broken the second time in December 2021.
iv. Trendline: The visual representation of a line drawn under pivot lows reveals the prevailing direction and speed of price action in the last 3 months.
v. It is also worthy to note here that the correction phase of the Impulse leg appears to have completed at exactly 78.6% ($1,754) as the price continue to respect the bullish trendline identified on the chart.
vi. In this regard, I shall be looking forward to a Breakout/Retest of the Key level @ $1,800 to jump in the potential rally in the coming week(s) with hopes of adding to my existing position at Breakout/retest of $1,830 level.
NB: After all this has been said, I think it will be proper to consider the possibility of a breakdown of the Bullish trendline which might change our previous expectation with confirmation to sell if we witness rejection of this line after breakdown... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 1,500 pips.
Risk/Reward: 1:5
Potential Duration: 15 to 20days
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 | Trend continuation (78.6% retracement)
Observation: i. I noticed that between the month of September 2021 and mid-November 2021; the price of Gold moved north with approximately a 9% growth in value - a significant feat in recent time to signal a bullish momentum behind the scenes.
ii. $1,830 zone which has been a strong niche for sellers was finally broken on the 10th of November 2021 to set a bullish tone in the market.
iii. A breakout of the key level identified at $1,800 was broken the second time in December 2021.
iv. Trendline: The visual representation of a line drawn under pivot lows reveals the prevailing direction and speed of price action in the last 3 months.
v. It is also worthy to note here that the correction phase of the Impulse leg appears to have completed at exactly 78.6% ($1,754) as the price continue to respect the bullish trendline identified on the chart.
vi. In this regard, I shall be looking forward to a Breakout/Retest of the Key level @ $1,800 to jump in the potential rally in the coming week(s) with hopes of adding to my existing position at Breakout/retest of $1,830 level.
NB: After all this has been said, I think it will be proper to consider the possibility of a breakdown of the Bullish trendline which might change our previous expectation with confirmation to sell if we witness rejection of this line after breakdown... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 1,500 pips.
Risk/Reward: 1:5
Potential Duration: 15 to 20days
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.
Trade smart. Trade consciously
