GoldViewFX - Market UPDATE
Hey Everyone,
This is just a closing post for the week we had. We will be posting our market review and trading plan for the coming week before the market opens tomorrow.
As you can see we have HIT targets, as planned and worked the range up and down. We have outstanding targets, which we will only target with the correct setup.
I wanted to review this chart, as it has a good example of how to trade these levels in stages rather than going for the longer range target in one go. We had two open TARGETS 1958 above and 1922 below. This is where we look for EMA5 cross and lock with candle body close on any of our GOLDTURN levels leaving a gap to the next level. We had a break BELOW 1935 with EMA5 and candle body close that opened gap to 1922, which was hit PERFECTLY! The first time it was HIT on Friday, it gave us a buying opportunity to 1935 on the same 1H candle, as we identified it as a support level with one target above remaining.
We are now out of trades and will look for a 1935 challenge and break again to reconfirm the outstanding target of 1958, as this gap remains open and allow us to target it, otherwise we will now wait for a fresh break and lock at 1922, which is being tested now to see 1906 and below challenged. If EMA5 fails to break below 1922, we will see a rejection here and price back to challenge 1935.
We are seeing price move down into a bearish setup with some deeper corrections that may follow, however our long term outlook for GOLD is Bullish so we will look to take advantage of these deeper corrections for buying opportunities.
We will update our trading plan for the week with our projections before market opens, so please do keep an eye out for our market review.
Please don't forget to like, comment and follow to support us. We really appreciate it!
GoldViewFX
XAUUSD TOP AUTHOR
This is just a closing post for the week we had. We will be posting our market review and trading plan for the coming week before the market opens tomorrow.
As you can see we have HIT targets, as planned and worked the range up and down. We have outstanding targets, which we will only target with the correct setup.
I wanted to review this chart, as it has a good example of how to trade these levels in stages rather than going for the longer range target in one go. We had two open TARGETS 1958 above and 1922 below. This is where we look for EMA5 cross and lock with candle body close on any of our GOLDTURN levels leaving a gap to the next level. We had a break BELOW 1935 with EMA5 and candle body close that opened gap to 1922, which was hit PERFECTLY! The first time it was HIT on Friday, it gave us a buying opportunity to 1935 on the same 1H candle, as we identified it as a support level with one target above remaining.
We are now out of trades and will look for a 1935 challenge and break again to reconfirm the outstanding target of 1958, as this gap remains open and allow us to target it, otherwise we will now wait for a fresh break and lock at 1922, which is being tested now to see 1906 and below challenged. If EMA5 fails to break below 1922, we will see a rejection here and price back to challenge 1935.
We are seeing price move down into a bearish setup with some deeper corrections that may follow, however our long term outlook for GOLD is Bullish so we will look to take advantage of these deeper corrections for buying opportunities.
We will update our trading plan for the week with our projections before market opens, so please do keep an eye out for our market review.
Please don't forget to like, comment and follow to support us. We really appreciate it!
GoldViewFX
XAUUSD TOP AUTHOR
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