GoldViewFX - Market UPDATE

Morning Everyone,

Please see our 1H chart Goldturn channel that we have been tracking. So far this is respecting like we projected. We can now see there is room to test the lower part of the channel. Although our Goldturn channel is Bullish, we are keeping this in mind for entries from support levels.

Unlike the old days, financial news is now available to anyone with an internet connection. This news is constantly rolling and vast (with the exception of temporary news embargoes before key economic data releases). Much of that news is conflicting and deliberately so in order to confuse retail investors and traders. The skill is in clearing the brush in order to be able to take a clearer view.

Here at GVFX, we rely on our technical analysis for taking positions. Like any well-drilled army, we formulate a strategic plan, wait patiently and then take out our targets, exiting safely and regrouping for the next sortie. Any news in the background is simply extra intelligence especially when that news is meant to divert and mislead. Anyone who is a fan of the usual suspects for gold analysis knows how the same channel/news feed interview's and publicises so-called analysts who give diametrically opposing views on where gold is going next.

Market manipulators are still trying to assess their next medium to long-term move because of the asymmetrical data. Chinese markets and the yuan soared last Friday after rumours began circulating regarding the relaxation of China's tough Covid-19 rules and regulatory tensions between the US and China. Yuan's good news, and all the other currencies in the slipstream of China's growth, has kept the dollar on the back foot, relatively speaking, since Tuesday.

The US midterm elections were unlikely to have had an effect on currency markets if the predicted outcome of a Republican wave and subsequent gridlock in Congress came into effect. As it happens, the red wave did not happen, and the Republicans suffered disappointing results. This gave a further boost to hopes of resuming business as usual between China and the US.

We have key inflation data coming out today which will give the market manipulators their next play. Keep it light and keep it tight, GVFX style and enjoy making the pips without the battle scars and living to fight to another day.


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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