GoldViewFX - 1H MARKET UPDATE & TARGET$$
Hey All,
Hope everyone had a great weekend and had a chance to review my earlier posts on drawing Goldturn support and resistance and a basic setup on how to trade the levels (see related posts below).
Market Review
I have now drawn some weighted Goldturns using historical price action against historical levels, with some adaptations based on the market conditions. We can use EMA5 cross and lock to confirm level to level targets and I will be trading this from any deep swings and lightly from the get go without swings.
I am still Bullish and buying dips, however as mentioned before organic movement is easier to trade and catch but movement and momentum from war/fundamentals/news are difficult to trade for new traders. The swings against the market can also be as deep as the trend it drives towards. Its manipulation time for all players in the market. Trading small LOT sizes to allow flexibility to move the range is the best way to trade in these conditions.
EMA5 has crossed 1854 with the last candle of the day being the candle body close to open target to 1867. However when market closed in the middle of momentum driven movement with NEWs driving the price, we usually see a glitch open to the market, where price opens with a spike up or down away from where the market closed. Glitch open may HIT target without opportunity to enter.
We can see a retracement down to 1854 Goldturn with a swing range of 1838. I will manage my trades within the swing range. Outside of the swing range will be an area to get out and then wait for deeper corrections before buying dips again, should this happen. A break below the 1838 Gold turn can drive us down to a short term trend down, opening all the lower Targets.
Goldturn Resistance
1867
1872
1884
1897
Goldturn Support
1854
1847
1838
1831
1824
1812
Stay tuned for further analysis shortly on other timeframes and regular updates daily through the week. Any changes to our setups and plans will be updated and shared regularly.
Please don't forget to like, comment and follow us. It helps us to bring more updates to you all.
GoldViewFX
XAUUSD TOP AUTHOR
Hope everyone had a great weekend and had a chance to review my earlier posts on drawing Goldturn support and resistance and a basic setup on how to trade the levels (see related posts below).
Market Review
I have now drawn some weighted Goldturns using historical price action against historical levels, with some adaptations based on the market conditions. We can use EMA5 cross and lock to confirm level to level targets and I will be trading this from any deep swings and lightly from the get go without swings.
I am still Bullish and buying dips, however as mentioned before organic movement is easier to trade and catch but movement and momentum from war/fundamentals/news are difficult to trade for new traders. The swings against the market can also be as deep as the trend it drives towards. Its manipulation time for all players in the market. Trading small LOT sizes to allow flexibility to move the range is the best way to trade in these conditions.
EMA5 has crossed 1854 with the last candle of the day being the candle body close to open target to 1867. However when market closed in the middle of momentum driven movement with NEWs driving the price, we usually see a glitch open to the market, where price opens with a spike up or down away from where the market closed. Glitch open may HIT target without opportunity to enter.
We can see a retracement down to 1854 Goldturn with a swing range of 1838. I will manage my trades within the swing range. Outside of the swing range will be an area to get out and then wait for deeper corrections before buying dips again, should this happen. A break below the 1838 Gold turn can drive us down to a short term trend down, opening all the lower Targets.
Goldturn Resistance
1867
1872
1884
1897
Goldturn Support
1854
1847
1838
1831
1824
1812
Stay tuned for further analysis shortly on other timeframes and regular updates daily through the week. Any changes to our setups and plans will be updated and shared regularly.
Please don't forget to like, comment and follow us. It helps us to bring more updates to you all.
GoldViewFX
XAUUSD TOP AUTHOR
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