GoldViewFX - 1H & 4H CHART UPDATE

Hey Everyone,

As you can see our 4H swing range did exactly what it says on the tin and gave a nice bounce on the swing range to capture 50 to 100 pips.

1H CHART UPDATE


EMA5 cross and lock below 1825 opened structure support, which was hit perfectly at 1809 and gave the perfect bounce. We took a buy and trailed it to 1820 for a safe exit. We will need to see a challenge and break above 1825 to resume with Bullish movement up towards the back to benchmark area of the breakout.

Price is still sitting between the structures and therefore another structure support test is not out of the question. A break below structure support will open the lower levels

The long-term outlook is still bullish, as rates will inevitably wind down at some point, giving gold a boost. All the gains for gold last week were eroded yesterday but the metal still looks resilient and even more so given that the 10 year bonds have retraced back to the 4% area. Market participants are keen not to roll over their longs quite yet and will wait for signs of a sell-off below major support levels. Position traders are keen to hold on to their entries from where they deem to be the bottom. Where that bottom actually is depends on what happens next week. All eyes will be on the data so keep it light and tight.

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
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