XAUUSD | GOLDSPOT | New perspective | follow-up details

Updated

Gold has delivered impressive gains of over 18% so far in 2024, and June looks promising for investors. With finite supply and fluctuating demand, gold prices are sensitive to economic and geopolitical news. This video dives deep into the current market dynamics and what to expect in the coming month.

In June, geopolitical unrest could significantly impact gold prices. Any major news on this front may push gold prices higher.

On Friday, gold retraced to our key level at the $2,325 zone, undoing gains made after the release of the US Personal Consumption Expenditure (PCE) data for April. This report, showing cooling core price pressures (0.2% month-over-month, down from 0.3%), suggests a higher likelihood of the Fed cutting interest rates sooner. Lower interest rates are typically positive for gold, reducing the opportunity cost of holding this non-yielding asset.

However, US interest-rate expectations are just one piece of the puzzle. Gold demand is also being driven by Asian buyers hedging against their depreciating currencies. Fund flows into Chinese gold ETFs are rising at the fastest pace since April, even amid surging US yields. This trend indicates that the US Dollar's strength may not be as negatively correlated with gold as it was in the past.

In this video, we'll explore how to navigate these complex market dynamics as we prepare for an active trading month. Expect increased trading activity as fund managers and investors rebalance portfolios to meet allocation targets or adjust for market performance.

XAUUSD Technical Overview:
In this video, we take a detailed look at the XAUUSD chart, combining both technical and fundamental perspectives.

Our attention is fixed on the critical $2,325 level for the upcoming week, historically significant and poised to steer trading dynamics. A sustained momentum above this mark could fuel further buying interest, potentially paving the way for fresh highs. Conversely, a bearish tilt below $2,325 might signal a resurgence of bearish sentiment.

Join me as we break down these factors and explore potential trading opportunities in the gold market. Don't forget to like, subscribe, and hit the notification bell to stay updated with my latest analysis and insights.

#GoldMarket #GoldInvestment #GeopoliticalImpact #InterestRates #AsianDemand #GoldETFs #MarketAnalysis #Investing #TradingTips📺🔔💼

Disclaimer Notice:
Trading in the foreign exchange market and other instruments carries high risk and may not be suitable for all investors. The content provided here is for educational purposes only. Evaluate your financial situation and consult with a financial advisor before making any investment decisions. Past performance is not indicative of future results.

Note

The Gold price (XAU/USD) continues to face difficulties in gaining momentum during the Asian session amidst a mix of conflicting factors. The prevailing sentiment that the Federal Reserve (Fed) might initiate rate cuts later this year, supported by indications of decreasing inflationary pressures in the United States (US), continues to weigh on the US Dollar (USD). Concurrently, ongoing geopolitical uncertainties are proving to be pivotal elements that could be providing some backing to safe-haven assets like gold.

It is noteworthy that traders appear cautious and inclined to await the release of crucial US macro data set for the start of the new month, notably the Nonfarm Payrolls (NFP) report scheduled for Friday, before committing to any substantial positions.

As we anticipate the forthcoming US macroeconomic data, market participants will be closely monitoring geopolitical developments. Any signs of heightened risks could potentially drive safe-haven flows, thereby supporting the gold price.

Our attention will now be on the newly identified rangebound structure observed on the 1-hour timeframe, serving as our primary reference to guide trading activities today. Further insights on this aspect will be elaborated upon in our upcoming live session.

Good Morning

Trade active

STRUCTURAL UPDATE | 15 Minutes Timeframe

Trade active

#XAUUSD

Two buy positions triggered; secure position now as we look out for new trading opportunities.

Trade active

#XAUUSD

Secure some more profit as the third buy position is triggered

Trade closed manually

#XAUUSD

All buy positions closed with profit as selling pressure resumes.

The levels and ascending trendline on the chart remains our guiding light going forward.

Trade active

#XAUUSD

Another buy position triggered @ $2,340, secure position.

Trade closed manually

All our buy positions from yesterday's trading session have been closed with a minimum gain of 450 pips as selling pressure regained momentum in the Asian trading hours, trimming a portion of the prior day's recovery advances. Nonetheless, the downside appears tempered amidst growing anticipation of a future interest rate cut by the Federal Reserve (Fed), supported by the not-impressive US ISM Manufacturing PMI data released yesterday. This prospect could exert downward pressure on the US Dollar.

Additionally, persistent geopolitical uncertainties may support the immediate bullish outlook for Gold prices and reinforce the potential for further appreciation. Hence, any subsequent dips may present buying opportunities and are expected to be contained. Accordingly, we will be vigilant for a solid reversal pattern to confirm an entry into the bullish market sentiment [refer to the chart for levels/structures].

Keep tabs on upcoming updates as we continue to monitor price action.

Good Morning

Note

#XAUUSD

STRUCTURAL UPDATE | 15 Min Timeframe

NB: Selling opportunities needs confirmation

Trade active

#XAUUSD

UPDATE

Secure sell position

Trade active

#XAUUSD

The resilience shown by buyers in holding above the $2,330 zone for the past hour and a half could potentially alter the trajectory of price action leading up to the release of US macroeconomic data today. This could possibly mark the beginning of the second leg of the bullish momentum that started yesterday.

It's advisable to safeguard all sell positions while we also remaining vigilant for fresh trading prospects, utilizing the levels indicated on the chart as points of reference.

Trade closed: stop reached

Buy position hits stop-loss as selling pressure resumes

Trade active

#XAUUSD

Sell position triggered at breakdown of $2,325; secure position

Note

After the sell position from yesterday's session was taken out due to the USD's failed attempt to recover, Gold prices managed to stay above our week's key level at the $2,325 zone. The USD's struggle can be attributed to growing acceptance that the Federal Reserve (Fed) will start cutting interest rates later this year which is further bolstered by softer US macro data. This expectation keeps US Treasury bond yields depressed, benefiting safe-haven assets like gold.

Geopolitical Risks: Ongoing conflicts in the Middle East continue to add a layer of support to Gold prices, reinforcing its appeal as a safe-haven asset.

Market Sentiment: Despite these supportive factors, XAU/USD remains confined within a descending channel. Investors seem reluctant to place aggressive directional bets ahead of the Nonfarm Payrolls (NFP) report on Friday. Meanwhile, today's US ADP report and ISM Services PMI should provide some impetus.

As we prepare for these events, the newly identified structures on the chart will guide our trading activities today. We will elaborate on this market dynamic during our upcoming live session.

Good Morning

Trade active

#XAUUSD

Buy position triggered as ADP employment data comes in below market's expectation; secure position while we look out for new trading opportunities.

Trade active

#XAUUSD

Initial buy position closed. The uptrend remains intact, if you missed the re-entry; wait for breakout/retest of the trendline and $2,345 level to continue the trend.

Trade active

#XAUUSD

Secure position

Trade active

With a minimum of 200 pips in profit, it is time to secure some gains as the gold market attracted some buying activities during the Asian session to advance to a two-week high amid renewed USD selling. Rising Fed rate cut bets keep US bond yields depressed, weighing on the US Dollar.

As discussed during our live session yesterday, the near-term bias remains tilted in favor of the upside, as markets are now pricing in a greater chance of an interest rate cut by the Federal Reserve (Fed) amid signs of a slowdown in the US economy.

Additionally, persistent geopolitical tensions stemming from ongoing conflicts in the Middle East continue to support the price of gold. However, the upside for XAU/USD may be limited today as traders likely await the release of the US Nonfarm Payrolls (NFP) report tomorrow before making aggressive moves. Thus, it is prudent to secure some profit from the existing position now.

Good Morning

Trade active

In preparation for the market's anticipation/reaction to today's US Initial Jobless Claims and Trade Balance report; the structures on the 1H chart [see chart] will be guiding our trading ideas.

Trade active

#XAUUSD

Buy position now active; secure position

Trade closed manually

All buy positions have been closed with a minimum profit of 150 pips as selling pressure resumes ahead of the upcoming US Non-Farm Payroll (NFP) data release. Market participants are likely taking short-term profits and awaiting the NFP report before making their next move.

The growing consensus that the Federal Reserve will begin cutting interest rates later this year, amidst signs of a slowdown in the US economy, continues to support the price of gold. Unless technical structure proves otherwise, the path of least resistance for gold remains upward.

The levels and ascending trendline highlighted on our chart will guide today's trading activity. We will analyse the current market dynamics in-depth during our upcoming live session.

Happy Friday!

Note

STRUCTURAL UPDATE AHEAD OF NFP

As discussed during our live session this morning; we are waiting patiently to see how the market will react to the confluence indicated on the chart.

Trade active

#XAUUSD

Secure sell position now.

Happy weekend!

Note

Below is the follow-up detail to the XAU/USD as we prepare for the new trading week.

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Below is the follow-up detail to the XAU/USD as we prepare for the new trading week [17th - 21st June 2024].

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Below is the follow-up detail to the XAU/USD as we prepare for the new trading week [24th - 28th June 2024].

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New Trading set-up for the week 1 - 5 July 2024

Happy new month!

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Below is the follow-up detail to the XAU/USD as we prepare for the new trading week [8th - 12th July 2024].

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Below is the follow-up detail to the XAU/USD as we prepare for the new trading week [15th - 19th July 2024].

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Below is the follow-up detail to the XAU/USD as we prepare for the new trading week - 22nd to 26th July 2024 👇🏾👇🏾

darcsherry

Trade smart. Trade consciously

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XAUUSD | GOLDSPOT | New perspective | follow-up details

by darcsherry

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