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

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In anticipation of the NFP result on Friday, Gold plunged to about 50% retracement of the bullish momentum that started the week but still posted a second straight weekly gain as price action evolved into a reversal pattern just around the bearish trend line identified on the daily time frame. The current structure screams a possible downtrend continuation but I am very much open to the possibility of a bullish continuation after considering the last week's activities.

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Past performance is not necessarily indicative of future results.

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The week has started with a strong bearish momentum but unfortunately, I missed this move. I have no choice but to wait for a second chance as price action is right on the $1,680 mark which is the major key level identified on the daily time frame.

Good morning

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Price breaks below the major key level at $1,680 zone

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Moving stop loss to secure position

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1,400 pips in profit; securing the position

Good morning

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At a critical position at the moment as price-action is caught within a channel of $1,675 and $1,672. I am looking forward to adding a position if the opportunity presents itself below the $1,670 level.

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taken out of the previous position with approximately 1,000 pips as the price returned to the entry zone at the $1,680 level to trigger a huge sell momentum. I sincerely missed this move; just woke up from a short nap. Did you catch the move?

Update coming soon as I want to see how price relates with the $1,666 area

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UPDATE

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Though the second entry was taken out yesterday but selling tendencies still remain as the price continues to trade below the key level of $1,680 since the beginning of the week. I am not thinking of buying unless the price breaks out the important key level at $1,680.

Good morning

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Bearish signal for a potential third and fourth position established

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TP target hit with 3,500 pips. Update coming soon

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After thinking that I am done for the week; another trading set-up appears to be sending a bearish continuation pattern. Remember, that price rejected the key level @ $1,680 level to incite a strong bearish momentum during the New York session today to hit the TP target of the previous sell position. I am of the opinion that since price continues to trend below the major key level, the seller appears to still be present so I will be using below the $1,665 level as a yardstick for another selling opportunity.