GoldViewFX - Market UPDATE - "THE BIG M PATTERN" ?

Hey Everyone,

As advised yesterday, we expected fireworks and to stay out, play on demo or play small. We saw a big tank down of 400 pips. Any buys would be stopped out, so playing small during volatility always gives you a chance to get back in at the right time. We expect some retracement, so any buys taken from the bottom, use the levels or MAs for exits.

With any big breakouts always best to wait and assess to see whether the move is short lived, or it starts a new range. Either way we wait for a blueprint and then we trade the range.

Now the big question.... Is Gold going for the big M pattern?

1710 Goldturn is currently being challenged by weekly chart EMA5. EMA5 cross and lock will confirm this pattern to 1589. A failure to lock and we will see the price head back up. We also have ma200 touch, which may provide some dynamic support.

Tomorrows closing price will give us a clearer picture technically if it breaks or heads back up. We must keep in mind the movement in this range was driven fundamentally and we will need to see how the price holds in this range when the noise is over, and everything is priced in.

As always, its best to wait for some more price action on the lower timeframes and then we will have a blueprint to trade it level to level.

We will keep you all updated throughout the rest of the week and then let's see what we have in store for next week's multi timeframe analysis.

Don't forget every analyst has targets high above and targets down below. Wherever it goes, one way or another they will sing songs of glory. The true skill lies in where to enter and where to exit and this is what we do, day in day out in Premier!!! We will not always get it right, but rest assured the average success of our call to win ratio is over 94%.

GoldViewFX
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