XAUUSD - EOM July 2021
We have been playing the corrective bullish market sentiment since EOM June by taking advantage of bullish momentum. We have fallen again inside the previous OB (Order Block) created at the beginning of the month between 1795 KL and 1812.500 KL and I believe it is to position itself for the next impulsive move the market might have this upcoming week for EOM + lot's of fundamental data to be released. Let's look at the agenda for this up and coming week:
Fundamentals:
Tuesday - CB Consumer Confidence
Wednesday - FOMC Statement
Thursday - Advance GDP / Unemployment Claims / Pending Home Sales
Friday - PCE (Personal Consumption Expenditures)
Each piece of news is all highly correlated to interest rates, inflation and overall economic health. The Federal Reserve's statement will have a lot do with the impulsive moves the market will undergo specifically taking about the US Index (DXY) and safe haven XAUUSD (Gold). Remember, what is good for the US Dollar means bearish momentum for Gold and viceversa.
Technicals:
Buys
1795 - HRHR Buys if price fails to break and close below KL with intraday candle closures (30M/1H/4H)
1803 - MRMR Buys looking to break above 1803 and re-test to easily re visit previous intraday highs at 1812.500 whic is a nice 90-100 pip range to scalp a good 20-30 pips.
1812.500 - Break andd re-test at 1812.500 KL would mean safer buys to move towards next KL at 1920
1836 - Safest buys due to final BOS to move towards clean traffic to the left and re-visit 1852 KL.
Sells
1795 - Only looking for safest sells below 1795 KL with intraday candle closures to confirm buyers exhaustion, sellers jumping in and fundamental data (FOMC, GDP, PCE) to be hawkish creating good market sentiment towards the US Dollar and liquidity being taken from Gold to invest into DXY currency safe haven + Global Equity Markets.
1829 - HRHR Sells if we re-visit and fail to break these previous Highs
It will be a week filled with fireworks so like always stick to your trading plan and manage risk accordingly and appropriately. For fundamental data releases be cautios of position sizing and always have a SL in place to prevent heavy drawdowns. Do not look for trades on Monday since it needs to better position itself for the weeks fundamental data.
Happy Weekend
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#lumafx #fxluma #xauusd #gold
Fundamentals:
Tuesday - CB Consumer Confidence
Wednesday - FOMC Statement
Thursday - Advance GDP / Unemployment Claims / Pending Home Sales
Friday - PCE (Personal Consumption Expenditures)
Each piece of news is all highly correlated to interest rates, inflation and overall economic health. The Federal Reserve's statement will have a lot do with the impulsive moves the market will undergo specifically taking about the US Index (DXY) and safe haven XAUUSD (Gold). Remember, what is good for the US Dollar means bearish momentum for Gold and viceversa.
Technicals:
Buys
1795 - HRHR Buys if price fails to break and close below KL with intraday candle closures (30M/1H/4H)
1803 - MRMR Buys looking to break above 1803 and re-test to easily re visit previous intraday highs at 1812.500 whic is a nice 90-100 pip range to scalp a good 20-30 pips.
1812.500 - Break andd re-test at 1812.500 KL would mean safer buys to move towards next KL at 1920
1836 - Safest buys due to final BOS to move towards clean traffic to the left and re-visit 1852 KL.
Sells
1795 - Only looking for safest sells below 1795 KL with intraday candle closures to confirm buyers exhaustion, sellers jumping in and fundamental data (FOMC, GDP, PCE) to be hawkish creating good market sentiment towards the US Dollar and liquidity being taken from Gold to invest into DXY currency safe haven + Global Equity Markets.
1829 - HRHR Sells if we re-visit and fail to break these previous Highs
It will be a week filled with fireworks so like always stick to your trading plan and manage risk accordingly and appropriately. For fundamental data releases be cautios of position sizing and always have a SL in place to prevent heavy drawdowns. Do not look for trades on Monday since it needs to better position itself for the weeks fundamental data.
Happy Weekend
///
#lumafx #fxluma #xauusd #gold
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