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GOLD ROUTE MAP UPDATEHey Everyone, Following on from yesterdays update; After getting the bounce from the swing range for 50 pips, we saw ema5 cross and lock below the swing range, opening the support structure - This was hit today! We are now expecting a reactional bounce here for support. If the support structure holds with no ema5 lock we are likely to see levels above tested. However, if we see ema5 cross and lock below the full support structure then we will see a break out below. We will update our Goldturn levels on our next update if needed. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2694 EMA5 CROSS AND LOCK ABOVE 2694 WILL OPEN THE FOLLOWING BULLISH TARGET 2724 EMA5 CROSS AND LOCK ABOVE 2724 WILL OPEN THE FOLLOWING BULLISH TARGET 2754 EMA5 CROSS AND LOCK ABOVE 2754 WILL OPEN THE FOLLOWING BULLISH TARGET 2784 BEARISH TARGETS 2665 - DONE EMA5 CROSS AND LOCK BELOW 2665 WILL OPEN THE SWING RANGE RANGE SWING RANGE 2640 - 2611 - DONE EMA5 CROSS AND LOCK BELOW 2611 WILL OPEN THE SUPPORT STRUCTURE SUPORT STRUCTURE 2583 (DONE) - 2564 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
14
GOLD MARKET UPDATEHey Everyone, This is the weekly chart we have been tracking for over 1 month now and also shared on Sunday. Last update we stated that EMA5 failed to lock above, which followed with the rejection last week but still maintaining support above the channel top. We also stated that we will be keeping in mind the channel top for long range corrections, which is likely to provide support like we stated before. - This played out perfectly with the correction that we are seeing now testing the channel top inline with the weekly chart retracement range. We are now expecting a reaction here . If the channel top continues to provide support then we will track the movement up, confirmed with ema5 cross and lock or candle body close. However, if we continue to see tests on the channel top and then get a break inside the channel, then we will track the movement down, inline with our plans to buy dips, using our smaller time-frames, keeping in mind the long range gap for the future. Buying dips allows us to safely manage any swings, instead of chasing the bull from the top. OUR 1H AND 4 CHART UPDATE Bothe of these charts have tested the swing range, which gave the 40 pip bounces, just like we always state but didn't get the full swing yet. (This is the reason why we always state 40 pip bounces on our weighted levels, as it always delivers, even when it breaks through.) We are now tracking the 4H chart, where price is playing above the support structure. As long as price maintains above the 4h chart support structure, we should see a correction back up to test the upper Goldturns. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
16
Gold trading strategy november 12Fundamental Analysis Gold prices fell to $2,600, or a fresh one-month low, heading into Tuesday’s European session on continued buying of the US dollar (USD). Investors remained hopeful that US President-elect Donald Trump’s expected expansionary policies could boost economic growth and boost inflation, limiting the scope for the Federal Reserve to ease policy. This sent US Treasury yields higher, further supporting the greenback and dragging the non-yielding yellow metal lower for a third straight day. It was also the fourth negative move in the past five days for safe-haven gold, which appeared unaffected by concerns that Trump’s protectionist stance could spark a trade war. It will now be interesting to see whether the shorts retain control or choose to reduce their bets ahead of speeches from a host of influential FOMC members, including Fed Chair Jerome Powell, on Thursday. In addition, US consumer inflation figures on Wednesday will be looked at for clues on the Fed's rate cut path and provide fresh impetus to XAU/USD. Technical Analysis Gold prices broke the last support zone of 2606 and headed towards the 2582-2580 zone. Waiting for gold to close below the 2606 area on m30 and SELL signals to be established towards the 268x zone. Waiting for the early US session if the front port zone around 2592 is broken, then hold the sell signal to 258x. If it fails to break 2592, close SELL BUY at the beginning of the short scalp session back to zone 06 and continue SELL to trade within the range.
OANDA:XAUUSD
by TVS-Trader