XAUUSD | Perspective for the new week
The successful breakdown of the Bullish Trendline identified in my last publication on this pair negated the Bullish tendency projected (see link below for reference purposes). The consistent rejection of the $1,740 level in the last 7 days is a possible sign that the bears are finding it difficult to push the price below this level. Even as the penetration/breakout of $1,755 is on my radar in the coming week(s); it will be worthy to state here that a further declination of price is still very possible at this juncture in the market.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Reversal pattern (Double Bottom)
Observation: i. The price of Gold has been on a downward spiral since the beginning of the month (September 2021).
ii. The Bearish Trendline is a visual representation of the prevailing direction of price action in the last three weeks and this can be identified on the chart as a line drawn over the pivot highs.
iii. And the multiple rejections of $1,740 gives the impression that price has found a bottom in the meantime and it appears that the buyers have found it reasonable to buy Gold from this level.
iv. The appearance of a Double Bottom (an extremely bullish technical reversal pattern that emphasizes a change in trend and a momentum reversal from prior leading price action) right within the identified Demand zone signals a possible reversal in favour of the buyers in the next couple of days.
v. It is important to state here that this reversal is yet to have a long term substance to it as I still see it as a temporary rally at the moment unless a significant breakout/retest of Neckline is confirmed.
v. This been said, I look forward to a Breakout/Retest of Trendline & Key level @ $1,755 to join the potential rally in the coming week(s) with the aim of adding to my existing position at a breakout/Retest of Neckline...Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 3,500 pips.
Risk/Reward: 1:4
Potential Duration: 3 to 10 days
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: Supply & Demand | Reversal pattern (Double Bottom)
Observation: i. The price of Gold has been on a downward spiral since the beginning of the month (September 2021).
ii. The Bearish Trendline is a visual representation of the prevailing direction of price action in the last three weeks and this can be identified on the chart as a line drawn over the pivot highs.
iii. And the multiple rejections of $1,740 gives the impression that price has found a bottom in the meantime and it appears that the buyers have found it reasonable to buy Gold from this level.
iv. The appearance of a Double Bottom (an extremely bullish technical reversal pattern that emphasizes a change in trend and a momentum reversal from prior leading price action) right within the identified Demand zone signals a possible reversal in favour of the buyers in the next couple of days.
v. It is important to state here that this reversal is yet to have a long term substance to it as I still see it as a temporary rally at the moment unless a significant breakout/retest of Neckline is confirmed.
v. This been said, I look forward to a Breakout/Retest of Trendline & Key level @ $1,755 to join the potential rally in the coming week(s) with the aim of adding to my existing position at a breakout/Retest of Neckline...Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 3,500 pips.
Risk/Reward: 1:4
Potential Duration: 3 to 10 days
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
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