GoldViewFX - WEEKLY CHART ANALYSIS
Hey Everyone,
Weekly chart is also testing a strong level of support. Price has tested 1622 level twice but failed to close below this level. This may provide the rejection needed for a resistance challenge to 1710 our mid-term target.
Although the EMA5 cross below MA200 is gearing for a bearish move, this could be a bear trap and therefore any shorts must be taken with caution at this level. It's too dangerous for us to chase this movement down now, as we would like to see how structure support holds first.
We will need to see EMA5 cross and lock below structure support to confirm a breakout below.
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
Weekly chart is also testing a strong level of support. Price has tested 1622 level twice but failed to close below this level. This may provide the rejection needed for a resistance challenge to 1710 our mid-term target.
Although the EMA5 cross below MA200 is gearing for a bearish move, this could be a bear trap and therefore any shorts must be taken with caution at this level. It's too dangerous for us to chase this movement down now, as we would like to see how structure support holds first.
We will need to see EMA5 cross and lock below structure support to confirm a breakout below.
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
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