GoldViewFX - MONTHLY CHART LONG TERM GOLD OUTLOOK
Hey Everyone,
Please see updated monthly chart setup.
Last months candle body closed below 1776 followed with a EMA5 cross below 1776 but NO LOCK. A lock is confirmed with a candle body close after the EMA5 cross. We will need this months candle to confirm the lock below.
However, this months candle opening has left a big EMA5 detachment. If we see this detachment get attached over the course of this month then EMA5 will not lock below 1776 and turn above 1776. We highlighted a similar setup historically. We still need to keep in mind the candle body close last month below this level, as it still increases chances of a 1679 challenge.
Although last months movement due to JHS has skewed the data somewhat, with most charts looking Bearish in the short term, we need to keep in mind the long term trend is still intact and our long term Bullish stance is still in play.
Trading level to level on the shorter timeframes keeps us out of trouble and allows us to trade the range safely without committing to anything long term in these volatile conditions. However we always keep in mind our long term plans.
As always we will keep you all updated with any changes to our plans throughout the week. Please don't forget to like, comment and follow to support us, we really appreciate it!
GoldViewFX
XAUUSD TOP AUTHOR
Please see updated monthly chart setup.
Last months candle body closed below 1776 followed with a EMA5 cross below 1776 but NO LOCK. A lock is confirmed with a candle body close after the EMA5 cross. We will need this months candle to confirm the lock below.
However, this months candle opening has left a big EMA5 detachment. If we see this detachment get attached over the course of this month then EMA5 will not lock below 1776 and turn above 1776. We highlighted a similar setup historically. We still need to keep in mind the candle body close last month below this level, as it still increases chances of a 1679 challenge.
Although last months movement due to JHS has skewed the data somewhat, with most charts looking Bearish in the short term, we need to keep in mind the long term trend is still intact and our long term Bullish stance is still in play.
Trading level to level on the shorter timeframes keeps us out of trouble and allows us to trade the range safely without committing to anything long term in these volatile conditions. However we always keep in mind our long term plans.
As always we will keep you all updated with any changes to our plans throughout the week. Please don't forget to like, comment and follow to support us, we really appreciate it!
GoldViewFX
XAUUSD TOP AUTHOR
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