GoldViewFX - 1H CHART UPDATED LEVELS & TARGETS

Hey Everyone,

Please see our updated weighted Goldturns and targets for the 1H chart.

Friday's positive NFP report pushed the price of gold down although we did see a bounce at a key Goldturn level. We saw price break out of the ascending Goldturn channel to the downside with NFP momentum and now tracking on a Goldturn retracement channel.

Expect to see a further but short-lived bounce on market open due to geopolitical events. However, the real driver for determining the short-term future of gold's price will turn the engines on this coming week.

Although the preferred inflation index for the US Fed Reserve is the Core PCE, the next release is on 28 October 2022. Prior to that, the Fed will use next week's CPI inflation report to inform their decision making with regard to any adjustments to monetary policy. The CPI data will impact US Treasury yields and in turn, gold.

After last week's roster of Fed members all sounding the same hawkish note, the majority of market participants are betting on a fourth consecutive 75 basis point hike in November. Expect markets to remain choppy with big swings. As always, we will be tracking and trading this level to level using EMA5 cross and lock above and below Goldturns, keeping an eye on the cross and lock on the stronger structures highlighted.

BULLISH TARGETS
1697
1709
1725

EMA5 CROSS AND LOCK ABOVE 1725 WILL OPEN 1734 AND 1742

BEARISH TARGETS
1687

EMA5 CROSS AND LOCK BELOW 1687 WILL OPEN 1676 AND 1660

SWING RANGE
1660

SUPPORT STRUCTURE
1620

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


GoldViewFX
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