GoldViewFX - Market UPDATEHey Everyone,
We are seeing a ranging day today with price moving sideways and MA's starting to converge together. We usually see this before a breakout or NEWs release and in todays case FOMC minutes. This gives us a opportunity to trade between a tight range. Taking buys from dips using our 1H chart range allows us to pick entries and exits.
We are paying small due to FOMC later today and will now wait patiently for any deeper drops into support to buy dips.
Please also see our last update on this chart below regarding the 1854 gap, which is now open due to EMA5 cross and lock above 1836. We will wait for FOMC to be over and resume organic movement before tracking this target.
As always keep it light and tight!!
LAST UPDATE
Please see our updated 4H chart Goldturn levels and targets.
1817 Goldturn, which was the previous swing range provided support for the swing up. This is level is a strong support structure. Should we see 1817 challenged and broken with EMA5 we will see the new swing range open below down to 1779. However, right now we are seeing 1817 support providing a nice push up with a candle body close above 1836 opening a gap to 1854. This gap target of 1854 will be strengthened should we see ema5 cross and lock above 1836 with a potential follow through to 1865.
Short-term technical structure may look Bearish but the overall long term structure is still Bullish . We will trade against the short term trend and stay within the long term trend and trade retracements for now and continue to buy dips.
Bullish Targets
1854
1865
EMA5 CROSS AND LOCK ABOVE 1865 WILL OPEN 1882, 1894 and 1906
Bearish Targets
1836
1817
EMA5 CROSS AND LOCK BELOW 1817 WILL OPEN 1797 AND 1779
SWING RANGE
1797 - 1779
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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