GOLDVIEW REPORT - Analysis and Targets

Gold has dropped down over 12000 points and now consolidating into a range. We are also approaching end of year and may see the price move sideways before making attempts for another breakout. We are expecting price to play within the overall range unless the price starts to play within the primary current range, in which case there's a stronger chance to challenge the 1766 support and break open the lower range. This lower range; if open, has a tight range of Goldturns moved across from historical data, which gives us confidence to still buy from this range, as we feel these areas will still provide enough support for some movement up
to capture. Having many Goldturns, so close to each other gives us this confidence for now.

H1 OBSERVATIONS
Overall Goldturn range of 1766 to 1809.
Price sitting in a current range of 1766 to 1787 and now challenging 1784 Goldturn resistance level. We also have ma200 sitting on 1787 resistance level so expecting a challenge here. We have not had a touch or cross over on ma200 for a while on h1 so this will confirm a movement up. We will wait to see how this plays out.
Price for now has supported at 1766 and we have had a few candles test and wick out on this level. Two Goldturns have also formed above this level creating further support. So unless this level is taken out we will still continue to buy from good support levels. Price has also broken out of the Goldturn channel.

H4 OBSERVATIONS
Overall Goldturn range of 1766 - 1867 with a current primary range of 1766 - 1804.
Price is currently challenging 1785, however there are two more strong H4 goldturn resistance just sitting above it, at 1793 and 1799 before any attempt is made on 1804.
MA200 is at 1808 which may help the price to magnetise towards it giving the momentum to challenge these levels.
We need to see a clean break of 1804 to confirm a breakout of this primary range or we can expect the price to break down, as there is only two strong support levels holding the price on H4, which is 1773 and 1766. A attempt on this level is looking like the easier technical challenge, however a break on this level will open a new range below and its looking like the easier challenge at the moment.

DAILY CHART OBSERVATION
The overall daily range is sitting between 1705 - 1900, with the price sitting between two strong Goldturns at 1741- 1819 and a weaker range of 1773 and 1795. Price is sitting on 1773 Goldturn and we also had price close below this level. However EMA5 is sitting above this level so good chance for this to be supported here. The challenge to look out for is 1741 for support and 1819 for resistance for confirmation of a bigger range breakout, otherwise the immediate play range would be 1773 to 1795. We are expecting both these levels to be tested again but the real challenge for us to pick a direction would be 1741 support and 1819 resistance.

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GoldViewFX

Trade closed: target reached:

All targets HIT