XAUUSD | GOLDSPOT | New perspective | follow-up details

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On Thursday, Fed Chair Jerome Powell joined his teammates in endorsing a stable interest rate policy, providing further support for the XAUUSD. Amidst increasing geopolitical risks, with the conflict between Israel and Hamas spreading to more countries in the region, Gold extended its weekly rally and reached the $1,990 area for the first time in five months on Friday. This surge in Gold prices is driven by safe-haven flows as investors seek to reduce risk exposure, combined with a downward correction in US yields.

Additionally, Atlanta Fed President Raphael Bostic has indicated the possibility of a rate cut in 2024, suggesting a potential shift in monetary policy if economic conditions warrant it. Cleveland Fed President Loretta Mester has also expressed that the Federal Reserve may be at or near the peak of its rate hike cycle, emphasizing that the central bank will closely depend on incoming data for its decision-making process in the next monetary policy meeting.

As we look ahead, this week's economic calendar will feature key events such as US flash PMI data, the release of Q3 Gross Domestic Product (GDP) on its preliminary reading, Durable Goods Orders, unemployment claims, and the Fed's preferred gauge for inflation, the core PCE.

XAUUSD Technical Analysis:
In this video, we dissected the XAUUSD chart from a technical standpoint, analyzed the key levels, analyzed historical price moves, market behaviors, and buyer-seller dynamics, and uncovered potential trading opportunities.

The $1,985 zone will remain our center stage for this week. Its historical significance makes it a crucial point. If the bullish momentum is sustained then the breakout of the $1,985 will serve as a platform for new highs. However, if selling pressure persists below $1,985 just as it had done in the last 5 months $1,900 we could witness renewed selling pressure back into the demand zone at the $1,900 zone.

Stay tuned for more thrilling updates on the Gold market! Hit the like button if you found this analysis helpful, and don't forget to subscribe for more insightful content! 📺🔔💼

Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.

It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.

Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.

Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.

注释

Gold's winning streak from last week appears to have hit a pause, with prices now trading below the new week's key level identified in the video, specifically at the $1,985 zone. Despite geopolitical tensions between Israel and Hamas typically boosting demand for gold as a safe-haven asset, the current risk-on sentiment in the market presents a challenge to gold prices.

The new week has started on an indecisive note, with prices oscillating below our designated key level. Within this context, we have a defined range to work with, spanning from $1,978.50 to $1,965. As always, our strategy remains patient; we are waiting for a clear signal to emerge, indicating a trading opportunity. During our upcoming live session, we'll delve into the psychology behind the recent price actions for a deeper understanding... See you soon!

Good Morning

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UPDATE

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Sellers have consistently negated attempts by buyers to break out of our entry zone at the $1,978.50 level. The recent pullback seems to be limited due to a significant retracement in US Treasury bond yields, pushing the US Dollar lower. During the Asian session [early hours of today], Gold prices are experiencing renewed demand, maintaining a tight corrective range since the week's start. If US bond yields continue to decline, it could keep the US Dollar subdued, potentially providing support for Gold prices to reach new highs.

Despite our current buy position being in the negative territory, it's important to exercise patience. We maintain a bullish bias unless there are lower lows leading to a breakdown of the $1,965 zone. Detailed technical analysis of this market condition will be discussed in our upcoming live session... See you soon!

Good Morning

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During our live session this morning, we observed that the buy position was invalidated by a loss, leading to the initiation of a sell position. It is advisable to secure the current sell position, as there is a significant new structure forming in the $1,950/1,955 zone. This price zone is expected to play a crucial role in determining the next course of action for today's trading session. We are going to closely monitor the developments in this zone to make informed decisions... Update coming soon

注释

Yesterday, the price action in Gold shook out our sell positions at breakeven, as the precious metal gained some positive momentum and moved away from the weekly low of around the $1,955-1,950 range that was touched the previous day. Since then, Gold prices have been consolidating. Currently, the market participants are eagerly awaiting Fed Chair Powell's speech later today, which is expected to provide cues for further price movements.

The prospects of the Federal Reserve (Fed) implementing further policy tightening have restrained bullish sentiment and limited the upside potential for Gold prices. Consequently, at this point, exercising patience is crucial as we wait for clear signals and clues. The price is currently confined within the range of $1,978.50 and $1,965. During our live session, we will delve into the technical aspects of the current market structure to gain further insights.

Good Morning

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#XAUUSD

UPDATE

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Gold continues to rally, fueled by widespread risk aversion driven by escalating tensions in the Middle East. This surge in demand for the safe-haven asset has overshadowed the impact of rising US Treasury bond yields and a strengthening US Dollar (USD), factors that typically dampen the appeal of the non-yielding precious metal. After a period of market volatility during the NY session yesterday, a partial bullish momentum has emerged, culminating in a breakthrough above our week's key level at $1,985. Currently, we have three active buy positions, with a total of over 200 pips. In light of these developments, it's prudent to secure these positions now as we closely monitor price action ahead of our upcoming live session.

Good Morning

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#XAUUSD

UPDATE

All buy positions closed with a minimum of 150 pips profit as selling pressure resumes. As discussed during our live session today, the levels on the chart indicate the level to watch out for new trading opportunities.

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#XAUUSD

UPDATE

Secure sell positions

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Gold is currently treading water above the week's key level at $1,985, after being removed from the sell position yesterday. Market participants are caught in the dilemma of strong United States Gross Domestic Product data, and lingering Middle East concerns, as the focus shifts to today's US inflation data. Technically, the $1,990 zone has become a strong bullish barrier, as buyers have found it difficult to get through since the beginning of the week. This indicates that the market is currently gripped with uncertainties. While the levels indicated on the chart continue to be our guide for new opportunities, it is important to note the fact that price action still remains above the ascending trendline which has been holding bullish momentum since the beginning of the month continues to portray an overall bullish outlook until the trendline is broken.

Good Morning.