GoldViewFX - Market UPDATE

Hey Everyone,

Our 1H chart setup is playing out with price hitting our retracement zone taking out both bearish targets. We are now also seeing EMA5 cross and lock below 1853 opening the swing range. This means we can easily see price challenge the remaining lower levels.

This part of the setup is within the swing range, which means taking longs from support levels, with quick exits on resistance levels will still allow you to bank pips. Taking sells to the support levels is also okay. However, we need to keep in mind there's gaps left above and also back to benchmark levels are also due above.

We have been observing today with no trades, as the market is ranging while MA's start to converge before a breakout. This range looks very temporary so its not wise for us to commit anything yet. Patience always pays off in this game and these are the times when it needs to be exercised.

The overall long term trend structure is still Bullish , so we just need to be smart in managing this current bearish structure without any big commitments. If we manage the range and the support and resistance levels, we can still trade this level to level.

BULLISH TARGETS
1867
1872
1876

EMA5 CROSS AND LOCK ABOVE 1884 will open 1896 and 1903

BEARISH TARGETS
1863 - DONE
1857 - DONE

EMA5 CROSS AND LOCK BELOW 1857 WILL OPEN 1853 - DONE. 1849, 1841 and 1833

SWING RANGE
1833

As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it!

GoldViewFX
XAUUSD TOP AUTHOR