XAUUSD | Perspective for the new week | Follow-up details

This is a follow-up to our previous analysis where we were able to close the week with over 3,000pips in profit (see daily commentaries in the link below for reference purposes). Going into the new week, it is obvious that the yellow metal gained some bullish traction towards the end of the week, rising more than 1% on Friday as the dollar weakened amid reports of a potential debate amongst the U.S. Federal Reserve officials about the pace of rate hikes. Will the latest development be a reason to stake on the Gold in the new week?

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We are going to be patient for confirmation of a trend continuation pattern.

Good morning

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Activities seem pretty slow; we continue to remain patience for structures to align with expectations.

Good morning

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Price test the 50% retracement of the previous impulse leg, lets's see if there is going to be a reversal pattern on the lower time frame to join the potential rally

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Will the patience so far pay off?
We beginning to witness buying pressure right within the buy zone in the last four hours.

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UPDATE
Over 1,000 pips in profit; securing the buy position

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UPDATE
1,700pips in profit; adjust stop loss to secure the buy position as the possibility of a breakout/retest of the $1,660.50 could present another opportunity to add a position to the existing trade.

Good morning

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UPDATE

Second position triggered; securing position

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Move stop-loss accordingly to protect the current position against sudden reversal as we begin to notice buying traction for the US Dollar.

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Ensure stop-loss is moved. There is the possibility of the breakdown of the $1,660.50 level which could lead to the retracement of the impulse leg in anticipation of a trend continuation. LEts see what happens in the next couple of hours.

Good morning

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Buying pressure at a critical point in the current market structure. We have a structure that has a confluence with both the identified bullish trend line and the key level at $1,660.50 level. As long as the price does not break below this level followed by selling pressure below it, we continue to look for buy opportunities and the trend line remains our guide for trend continuation to the up side.

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After being taken out with roughly 2,000pips profit in the previous position, it appears the US Dollar is gaining traction as the price breaks down the bullish trendline and a reversal pattern is also identified at the $1,670 level so there is a neckline at the $1,660 area to guide selling opportunities.

Good morning

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UPDATE

We have a signal

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1,200 pips running in profit. While we secure position lets see if the market will present another opportunity to add position.

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UPDATE

Over 2,200 pips in profit; move stop loss to desired level to secure position