XAUUSD | Perspective for the new week | Follow-up details
As promised, I am making a lower time frame follow up on the previous publication which was on a weekly chart (long term). With over 5,000pips move in our direction in the last couple of weeks (see link below for reference purposes); a significant breakout of Key level @ $1,816 reveals the huge clamour for Gold at the end of last week trading session. The bulls remain in control following dismal U.S. jobs growth in August. In this regard, Gold prices hit a two-month high and rose for a fourth week in a row and with cursory consideration of this development, I anticipate that trend might continue in the prevailing direction.
Tendency: Uptrend (Bullish)
Structure: Breakout | Supply & Demand | Trendline
Observation: i. Since my last publication (see link below); Connecting a series of pivot lows in price action. Price has continued to make higher highs to form a perfect bullish trendline (see daily chart).
ii. The visual representation of a line drawn under pivot lows has revealed the prevailing direction of price since August 10, 2021, to project hopes of better days for the precious metal.
iii. The price hit a peak @ $1,834 on Friday and was immediately followed by rejection of the same level which I suspect to be the beginning of a Correction phase that "might" settle into the Bullish Trendline in anticipation of a rally continuation.
iv. In this regard, I have identified a zone between $1,812 & $1,820 which looks viable to hop in the rally continuation if you are yet to join the bandwagon.
v. Above the Key level @ $1,816 remains comfortable for buying Gold in the coming week(s) and a successful Breakout/Retest of previous Supply zone @ $1,821.500 shall welcome an opportunity to add to our existing position... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 8,000 pips.
Risk/Reward: 1:8
Potential Duration: 7 to 15days
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 | Trendline
Observation: i. Since my last publication (see link below); Connecting a series of pivot lows in price action. Price has continued to make higher highs to form a perfect bullish trendline (see daily chart).
ii. The visual representation of a line drawn under pivot lows has revealed the prevailing direction of price since August 10, 2021, to project hopes of better days for the precious metal.
iii. The price hit a peak @ $1,834 on Friday and was immediately followed by rejection of the same level which I suspect to be the beginning of a Correction phase that "might" settle into the Bullish Trendline in anticipation of a rally continuation.
iv. In this regard, I have identified a zone between $1,812 & $1,820 which looks viable to hop in the rally continuation if you are yet to join the bandwagon.
v. Above the Key level @ $1,816 remains comfortable for buying Gold in the coming week(s) and a successful Breakout/Retest of previous Supply zone @ $1,821.500 shall welcome an opportunity to add to our existing position... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 8,000 pips.
Risk/Reward: 1:8
Potential Duration: 7 to 15days
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
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.