Goldviewfx

GoldViewFX - END OF WEEK UPDATE

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hey Everyone,

Another fantastic day today. We waited patiently for the support test at 1663 and with signal confirmation we took 2 entries and two TPs to close the month off to a perfect finish!!

We saw price fall to a key Goldturn support level on Wednesday where we then saw some aggressive buying back up. The new Goldturn for the day yesterday, which formed above the historical Goldturn on H1 at 1647, pushed the leg up higher into today.

It was interesting to note that the price did not range prior to the Core PCE data which was released today. Bear in mind that the Core PCE is the primary measure of inflation used by the US Federal Reserve . Today's number was only slightly higher than forecast but the key point is that it was another month-on-month rise which will keep the Fed hawkish. Yet, gold did not take the usual battering.

We are seeing the classic signs of market manipulation and the asymmetrical economic data is making the manipulation harder to anticipate. Monday will be the first trading day of the new month and Q4 where we typically see fresh capital come into the market to give gold a short-term boost. Tread carefully though as we may be seeing price manipulated higher into a targeted zone which the institutions/smart money will use to offload in a heavy manner.

Let's trade this level to level with our Goldturns and analysis, picking key levels of support for profitable buys where we take the exits before the chops. Trade safe and trade profitably.

We will be back Sunday night with our full multi-timeframe analysis and trading plans for the coming week.

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GoldViewFX
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