XAUUSD | GOLDSPOT | New perspective | follow-up details

Last week's U.S. data showed stronger-than-expected consumer spending in April. The increase in personal consumption expenditures (PCE) raised expectations that the Federal Reserve is likely going to hike interest rates again in June. The U.S. debt ceiling proceedings appear to be closing in on an agreement ahead of a June 1 deadline that would raise the government's $31.4 trillion debt ceiling for two years.
Gold Price Forecast: All these economic developments appear to be taking a positive toll on the Greenback as gold was off 2% after another 2% loss the prior week and 0.25% the week before that.
XAUUSD Bullish/Bearish Sentiment: However, from a technical standpoint, the appearance of buying pressure around the 1,940 zone is a concern for Gold sellers as this zone has the potential of becoming a platform for another wave of bullish momentum if not broken to the downside (XAUUSD Accumulation/Distribution Analysis). In the coming week ahead of the US economic features - ADP employment change, ISM manufacturing PMI, and Nonfarm payroll; we might likely see a choppy situation during the first half of the week before a major spike in price movement. In this video (XAUUSD Technical Analysis), we analyzed the current market structure from a technical standpoint by examining past price patterns and market behavior, recurring trends, support and resistance levels, and other crucial insights that can aid us in making a well-informed trading decision ahead of the new week.

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:

Price action is looking choppy at the beginning of the week as trading activities remain within the USD7 range. However, the fact that price action still remains above the demand zone identified in the video at the 1,940 zone which also has served as a support line for this week, the potential of a bullish momentum is looking likely at this juncture and a further breakout of the trendline ( confluence with our new resistance line at the 1,947) could support a bullish momentum. but note that the current structure remains our guide for any trading decision today.

Good Morning

Trade active:

Fallout from our live session today

Trade active:

Secure all buy positions as we look out for more opportunities

Trade active:

Buying pressure continues as price action breakout of the key level at the 1,960 level

Good Morning

Comment:

Fallout from our live session this morning

Trade active:

Secure buy position

Trade active:

UPDATE

Trade closed manually:

BUy position taken out with some profit as price action approaches our key level at the 1,960 zone and as long as price action remains above the ascending trendline, the potential for buying opportunities still remain valid.

Happy New Month!

Trade active:

15-Minute OUTLOOK

Trade active:

UPDATE
appearance of buying pressure, ensure the sell position is secured

Trade active:

Secure buy position while we look out for more opportunities

Trade active:

UPDATE

Trade closed manually:

selling pressure begins

Trade active:

Secure buy positions as price action breaks out of the 1,970 level while we lookout for more opportunities

Trade closed: target reached:

Since hitting TP target at the 1,980 level with over 300pips profit, price action has remained choppy - trading within 1,982.750 and 1,975.500 hereby expressing a level of indecision that might be connected to the anticipation of the NFP today. So, we shall remain patient at this juncture waiting for a potential trend continuation or retracement move. We shall talk about this in detail during our live session this morning.

Good Morning

Trade active:

NFP data comes in with a positive variance of 1.25 beyond the expectation
Time to secure all sell positions as we lookout for more opportunities.

Trade active:

Secure all sell positions (three positions) as we look out for more opportunities

Trade active:

Another sell position is added, secure all sell positions now

Trade active:

As price action steadily nears our TP target zone, it is advisable to maintain secured positions.
Wrapping up for the week, I bid you all a good night and a delightful weekend ahead.