GoldViewFX REPORT - Updated Levels & Target$$

Hey All,

Earlier today we posted the H4 range and trading zones to support entries and exits and our overall analysis, please see related post on range management below.

We updated our hourly chart levels with stronger Goldturn support and resistance levels to help trade these levels.

Goldturn Resistance levels:
1808
1830
1850
1872

Goldturn Support levels:
1788
1766
1747
1726

The range between each level is roughly 20pips to 30pips. This will be enough for us to observe EMA5 cross and close with candle body close to confirm target to next level and allow us to move the range with the price action.

We can see 1788 broken with EMA5 and candle body close leaving an open target to 1766. This is likely to get HIT and a crucial support area that we are likely to see some support on. Hopefully enough support to resume with more upward movement. The pattern in which the price is moving and price staying supported above the this range is keeping us within our Bullish structure. Should we see 1766 break with EMA5 candle body close then we will start seeing the lower levels, 1747 and 1726.

On market open, as much as we can see 1766, we will take caution because the break on 1788 with EMA5 confirming 1766 was off the back of momentum from last weeks news events. Normally I like to see price settle down from news driven momentum and to start seeing some organic movements. It is the organic movement and EMA5 break and candle body close that is more stronger to target. We can already see end of play Friday price retraced and broke back above 1788 and EMA5 is also following for a cross above 1788 and sitting just on the line creating a Goldturn. We need to observe this in the first hour of the market open to see if EMA5 has crossed and locked with candle body close. Should this break and lock above 1788 it will open gap to 1808, which will be the more organic break and target.

The ideal sequence we can potentially see play out will be 1766, 1808 and then 1830 with some resistance at 1820 before 1830. If the order of sequence doesn't quite play out we are still likely to see these targets get hit in some order.

Please stay close for regular updates throughout the week. Should we make any changes to our trading plan, we will be sure to update you all.

GoldViewFX
XAUUSD TOP AUTHOR