XAUUSD | New perspective | follow-up details

Gold prices continue to trade below the 2,000 level for the second week straight hereby maintaining its choppy situation on the charts which has been attributed to the uncertainty over the path of interest rates decision by May 3rd; It is expected that events in the coming week should make things much clearer. Economists project that the Federal Reserve will agree on another quarter-point increase which will bring US interest rates to a peak of 5.25% and insinuations that the Fed is not done with rate hikes might as well give the USD a fresh upside in the coming weeks. In this video today, we looked at the charts from a technical standpoint to decipher the potentials that price movement has in the coming week(s).

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.

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As long as price action remain above the demand zone identified in the video, we look out for buying opportunities. The only signal that will bring up the idea of selling is the breakdown/retest of the demand zone.

Good morning

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Selling pressure resumes.
We want to see a breakdown/retest of the structure. However, a breakout/retest of 1 ,985 still remains valid for buying opportunities. Update coming up soon.

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UPDATE

Simple setup identified on the 30-minute timeframe

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Secure the buy position triggered

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118pips running in profit; Secure buy position as we continue to monitor price action

Good morning

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Simple set-up identified on the 15 minute timeframe

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Secure the sell position

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Secure sell position

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Price action takes out the sell position with a small profit; anticipating a re-entry of sell position

Комментарий:

buying pressure resumes, a breakout/retest of the 1,991 level shall welcome buying opportunities. Please note that selling pressure below the 1,985 level still remains valid for selling opportunities.

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Secure buy position

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Buy position secured as we look forward to more buying opportunities at the breakout/retest of the 2,000 level.

Good morning

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Fall out from the live session
15-minute OUTLOOK

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Secure buy position

Сделка закрыта вручную:

After being taken out of the buy position, we are going back to the status quo. The illustration on the chart remains valid.

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Secure the sell position

Комментарий:

After missing out on the bullish momentum that started during the Asian session; we shall be looking forward to buying opportunities above the key level at the 2,000 level.

Good morning

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Fall out from our live session

15-minute outlook

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Just as projected this morning; volatility kicks in following a below-expectation GDP data. If you are not in the trade yet, wait for normalcy to set in but if you are secure the sell position

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Profit target hit - 230pips. We wait for another structure to mature... update coming up soon

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Trend continuation pattern identified on the 5-minute timeframe. However, a breakout/retest of the 1,985.50 level will incite a counter-trend opportunity which could be a retracement of the bearish impulse leg; so let's take this possibility into consideration in our plan.

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Selling pressure resumes; the newly identified trendline shall guide our trading activities today.

Good morning

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Fall out form our live session; secure sell position

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15-minute outlook

Fall out from the live session

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Secure buy position