GoldViewFX - Gold Breakout Switchover

Hey Everyone,

Please see our 1H chart with updated levels, targets and Goldturn channels.

Market is ranging sideways and therefore the perfect time to draw both ascending and descending channels to be able to track the break out, whichever way it goes. We don't get hung up in catching the direction of the breakout but more so to be able to track it, whichever way it goes.

The market closed with a retest at the descending channel top also inline with the ascending channel half line. This may provide the support for a immediate retest at 1966 once again, which is the weighted axis level that is holding resistance for the range above.

A break below the current support test will open the swing range which is also inline with the descending channel half line and ascending channel bottom. These are all likely areas of re-action that we can use inline with our plans to buy dips.

The Axis levels are the weighted levels and therefore stronger in using to identify the breakout and to track the switchover of the breakout after a ranging period.

The retracement structure has been holding well, as support providing a nice bounce up every time, working inline with our plans to buy dips and the swing range is also tracking the channel bottom providing structural support.

We remain Bullish with our next Bullish target at 1966. We will need to see EMA5 cross and lock above 1966 to open the upper bullish levels. Unless we see EMA5 lock below the retracement range this structure should hold well. A break below the retracement range and we are likely to see the swing range open up once again.

We will continue with our plans to buy dips and track the movement level to level.

Our long term projection still remains Bullish.

BULLISH TARGETS
1966

EMA5 CROSS AND LOCK ABOVE 1966 WILL OPEN 1979

BEARISH TARGETS
1947
1937

EMA5 CROSS AND LOCK BELOW 1937 WILL OPEN THE SWING RANGE

SWING RANGE
1918 - 1904

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