Gold Market update today
Patience always pays off. We were waiting patiently for the support test and we got the drop into the retracement support zone identified on the chart followed with a nice push up into 1841. We took our buy signals from the weighted support structure and took profit at 1837 for a safe exit.
We are still within the chart setup range and our levels and structures are still active.
We will continue to trade this level to level and track the movement with EMA cross and lock. We will also continue to buy dips from weighted support levels, inline with our overall long term structure.
ORIGINAL UPDATE
1833 and 1824 is a support structure providing price support for the bounce. The next resistance structure is sitting at 1857 for a potential challenge. If we see EMA5 cross and lock above 1857 we are likely to see the upper levels open up.
For support test a 1833 challenge looks likely. However should we see further bearish momentum a challenge at 1824 is still in range. Should we see EMA5 cross and lock below 1824 then it will open the swing range for a challenge. Failure to break 1824 with EMA5 will see a new Goldturn created above it, providing support for a push up.
- THIS PLAYED OUT PERFECTLY
We will track this movement level to level up and down and buy dips confirmed with signals.
Short-term technical structure may look Bearish but the overall long term structure is still Bullish . We will trade against the short term trend and stay within the long term trend and trade retracements for now and continue to buy dips.
Bullish Targets
1852
1857
EMA5 CROSS AND LOCK ABOVE 1857 WILL OPEN 1863, 1867, 1872, 1876.
Bearish Targets
1833 - DONE
1824
EMA5 CROSS AND LOCK BELOW 1824 WILL OPEN 1810, 1802 AND 1792
SWING RANGE
1792
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
VikingCapital
