GoldViewFX - Market UPDATE

Hey Everyone,

Price is testing the swing range now and we need to see EMA5 cross and lock below 1625 to open the lower range, as per targets below. However, should price fail to cross and lock below this level we will see a new Goldturn above this level, as a confirmed rejection for price to push up again.

Our levels are still valid and therefore, we will use our EMA5 cross and lock to track this movement level to level in either direction.

Yesterday's Fed rate announcement and the subsequent press conference gave something to both professional gold bulls and bears. The retailers and the dumb money simply got chopped up like mince. The frenzied action both ways was a result of the Fed's double talk. We currently have a global pivot in play, but the Fed still categorically refused to join in with clear statements although they refused to push the idea of hitting a high peak rate. That was in contrast to previous statements for expected rate hikes in 2023 hence the idea in some quarters that they were being dovish. Dovish by contrast however does not mean dovish in reality and we now see the market scrambling for their next move because of the asymmetry.

Today is the Bank of England's Super Thursday which will rock GBP/USD with their rate hike announcement and this in turn will impact gold. We also have NFP tomorrow so please be sensible with lot sizes and ruthlessly disciplined with your risk management. It is worth noting that volatility should not be feared if you have a successful strategy in place. Indeed, volatility can provide the best periods for profitability so long as it is managed volatility. What we have been seeing recently is volatility creeping outside of being influenced/managed by market manipulators. Even this can be traded through so long as you know what you are doing. Here at GVFX, we collect the pips through the quiet, the storm and after.

BULLISH TARGETS
1651 DONE
1664 DONE
1672

EMA5 CROSS AND LOCK ABOVE 1672 WILL OPEN 1691, 1699 AND 1718

BEARISH TARGETS
1641 - DONE
1632 - DONE
1625

EMA5 CROSS AND LOCK BELOW 1625 WILL OPEN 1616, 1607 AND 1597

SWING RANGE
1626

As always, we will keep you all updated with regular updates throughout the week and how we manage the setups. Please don't forget to like, comment and follow to support us, we really appreciate it!

GoldViewFX
XAUUSD TOP AUTHOR