Gold Route Map UPDATE

Hey Everyone,

Please see update on our 1H chart route map for the week.

We saw price retrace into the first stage of our retracement range hitting bearish targets 1979 and 1970 and then bounce off this support at 1970 back into resistance at 1979.

Ema5 failed to cross 1979 and so we saw price retest support at 1970 for another bounce inline with our plans to buy dips.

We will need to see either ema5 to cross below 1970 for a full test into the lower range of the retracement range or a cross and lock above 1979 to confirm the range above.

We are expecting some sideways ranging movement until the breakout.

We had a continuation of the strong move up last week with price finishing off with testing weighted resistance at 1994 and then support at 1979. 1979 has now turned into resistance today.

EMA5 cross above 1994 will open the levels and range above to track and trade or a cross and lock below 1979 will open the retracement range at 1959 -1950 correctional retest zone.

- This range is now open, however a cross and lock below 1970 will confirm the full retracement range gap.

A break below the retracement range will see a test to the swing range for a bounce and a failure to lock below the retracement range will see a bounce up from this level.

We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch the bounces up.

We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we have shared every week for the last 18 months, you can see how effectively they can be used to trade with or against short term swings and trends.

BULLISH TARGETS
1987

EMA5 CROSS AND LOCK ABOVE 1987 WILL OPEN THE FOLLOWING BULLISH TARGET
1994
2005

EMA5 CROSS AND LOCK ABOVE 2005 WILL OPEN 2018 AN 2032

BEARISH TARGETS
1979 - DONE
1970 - DONE

EMA5 CROSS AND LOCK BELOW 1979 WILL OPEN THE RETRACEMENT RANGE

RETRACEMENT RANGE
1959
1950

EMA5 CROSS AND LOCK BELOW 1950 WILL OPEN THE SWING RANGE RANGE

SWING RANGE
1913

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