GoldViewFX - DAILY CHART UPDATE
Hey Everyone,
Please see the Daily chart idea we have been tracking since last week.
LAST WEEKS UPDATE
The daily chart saw a rejection from the resistance zone driven by news into just above 1857 Goldturn support. However 1857 is not a strong weighted Goldturn and therefore if momentum continues we may see further move down to 1817, which is a stronger support level for a reaction in price. 1817 area is also inline with MA63, which may also provide some dynamic support and we are also likely to see the remaining MAs magnetise up to form a consolidation area of support.
- This is playing out with our 1879 Bullish target getting HIT. Although 1857 seems to be providing some support with the potential for another push up, we do need to keep in mind that should 1857 fail to hold, 1817 is part of our daily chart setup for potential support reaction.
Our plans to buy dips is still in play and now that we have seen a nice drop in price, we just need to be patient and let the momentum exhaust and then we can safely start taking positions from support levels with 30 to 50 pips exits, which will allow us to ride against any short term trend profitably should we fall against it.
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
XAUUSD TOP AUTHOR
Please see the Daily chart idea we have been tracking since last week.
LAST WEEKS UPDATE
The daily chart saw a rejection from the resistance zone driven by news into just above 1857 Goldturn support. However 1857 is not a strong weighted Goldturn and therefore if momentum continues we may see further move down to 1817, which is a stronger support level for a reaction in price. 1817 area is also inline with MA63, which may also provide some dynamic support and we are also likely to see the remaining MAs magnetise up to form a consolidation area of support.
- This is playing out with our 1879 Bullish target getting HIT. Although 1857 seems to be providing some support with the potential for another push up, we do need to keep in mind that should 1857 fail to hold, 1817 is part of our daily chart setup for potential support reaction.
Our plans to buy dips is still in play and now that we have seen a nice drop in price, we just need to be patient and let the momentum exhaust and then we can safely start taking positions from support levels with 30 to 50 pips exits, which will allow us to ride against any short term trend profitably should we fall against it.
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
XAUUSD TOP AUTHOR
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