Please see our 4H chart setup. We played this perfectly from the drop to the ride up, true level to level trading. We waited patiently today for the support test and took a BUY signal in premier, all the way to the top, with a PERFECT TP FINISH !!!
Price is now in a resistance zone here, so we cannot isolate the Bears yet unless we see EMA5 cross and lock above 1766, which will then open the upper levels.
EMA5 is about to converge with MA21. A cross of these two MA's will confirm stronger Bullish movement and a failure to cross will surely open the full swing range.
As planned for this week, we are not chasing the market but rather letting it come to us, sitting patiently for the right entry from weighted support and resistance levels, strategically placed to manage any swings.
Price is still placed perfectly in the central range and still sitting above 1743 Goldturn support, placed perfectly in the central range. If price finds support here above 1743 it is perfectly placed for a push up to challenge 1788 and 1799. A EMA5 break above this level will open up the 1800 range.
As we mentioned already, we need to take extra caution trading this week due to JACKSON HOLE and can expect big moves in either direction.
BULLISH TARGETS 1757 1766
BEARISH TARGETS 1743 - DONE 1730 - DONE
SWING RANGE 1718 - 1707
STRUCTURE SUPPORT 1707 - 1693
The best way to trade JACKSON HOLE is to wait for the move and patiently let the momentum exhaust, measuring the momentum using the Goldturns. Ideally we would like to see movement down as deep as the momentum allows, establish a floor and then organically ride the movement up. If it heads up from 1743 then we already fall in line with our long term projections for Gold and we can use our lock and close strategy to determine movement level to level.
As always we will keep you all updated with any changes to our plans throughout the week. Please don't forget to like, comment and follow to support us, we really appreciate it!