Hourly Chart
The market has geared up for a range breaker movement and the leading setup and structure at this point will point towards a clear direction. However we try and minimise our positions during this time of the year, as the market tends to disconnect from a technical sequence.
The price is currently challenging the top end of the Goldturn descending channel, which is in line with 1785 Goldturn. A break and EMA5 cross on this level will give the range breaker momentum needed to break 1790.
The 1770 Goldturn support level has stood in the way of the price from visiting the bottom of the channel. This is part of the setup structure we identify for the gear up of a Goldturn channel break out on the opposite direction.
EMA5 moving average has also crossed over all other MA's which for the short term allows us to take those buys from dips. However the longer term 50 day average cross over the 200 day average will be the more significant one to look out for. Currently both are merging close gearing up for a break out. The setup points towards a breakout UP but considering the range this is not the zone or the season to commit to a direction with exposure.
Daily Chart
The daily chart view below shows an overall range of 1741 to 1818, with a play range of 1770 to 1795.
Ema5 is due a Ma21 challenge and 1795 sits in the centre of both averages, making it a good meeting point for a price to challenge 1795 level as a TARGET.
This is the central zone of the range and personally its not an area to make any serious commitments and we plan not to. In this range and structure we just cherry pick price action from our signals and any technical setups we identify with small lots, minimum exposure. In our opinion this is the way to handle this range at this time of the year.
Please trade safe and note; everything we share is our own ideas and analysis and not financial advise.
If you like what we do and it helps, then please don't forget to give us a like, comment and follow to support us.
GoldViewFX
XAUUSD TOP AUTHOR
The market has geared up for a range breaker movement and the leading setup and structure at this point will point towards a clear direction. However we try and minimise our positions during this time of the year, as the market tends to disconnect from a technical sequence.
The price is currently challenging the top end of the Goldturn descending channel, which is in line with 1785 Goldturn. A break and EMA5 cross on this level will give the range breaker momentum needed to break 1790.
The 1770 Goldturn support level has stood in the way of the price from visiting the bottom of the channel. This is part of the setup structure we identify for the gear up of a Goldturn channel break out on the opposite direction.
EMA5 moving average has also crossed over all other MA's which for the short term allows us to take those buys from dips. However the longer term 50 day average cross over the 200 day average will be the more significant one to look out for. Currently both are merging close gearing up for a break out. The setup points towards a breakout UP but considering the range this is not the zone or the season to commit to a direction with exposure.
Daily Chart
The daily chart view below shows an overall range of 1741 to 1818, with a play range of 1770 to 1795.
Ema5 is due a Ma21 challenge and 1795 sits in the centre of both averages, making it a good meeting point for a price to challenge 1795 level as a TARGET.
This is the central zone of the range and personally its not an area to make any serious commitments and we plan not to. In this range and structure we just cherry pick price action from our signals and any technical setups we identify with small lots, minimum exposure. In our opinion this is the way to handle this range at this time of the year.
Please trade safe and note; everything we share is our own ideas and analysis and not financial advise.
If you like what we do and it helps, then please don't forget to give us a like, comment and follow to support us.
GoldViewFX
XAUUSD TOP AUTHOR
🪙 JOIN OUR FREE TELEGRAM GROUP 🪙 www.t.me/GoldView_FX
MESSAGE US FOR VIP SIGNALS🏆 www.t.me/GoldviewFX
🪙 PARTNER BROKER LINK 🪙
Vantage Account: www.vantagemarkets.com/forex-trading/forex-trading-account/?affid=5258
MESSAGE US FOR VIP SIGNALS🏆 www.t.me/GoldviewFX
🪙 PARTNER BROKER LINK 🪙
Vantage Account: www.vantagemarkets.com/forex-trading/forex-trading-account/?affid=5258
