GoldViewFX - MONTHLY CHART UPDATE

16 Okt 2022

Hey Everyone,

Please see updated monthly chart setup.

We had a EMA5 detachment to start of this month, which is now complete. Last month we had a candle body close below 1688 which opened the 1551 range. However, we will need to see EMA5 cross and lock for stronger confirmation for this long-range setup.

Price is now testing MA50, and we may now see some dynamic support along with EMA5 starting to converge towards MA50. Both these challenges will create traffic in this area on the shorter timeframes with potential for some range bound movement. This type of dynamic traffic alongside fixed support structure can provide the perfect area for a new Goldturn and a change of direction.

Trading level to level on the shorter timeframes keeps us out of trouble and allows us to trade the range safely without committing to anything long term in these volatile conditions. However, we always keep in mind our long-term plans.

As always, we will keep you all updated with any changes to our plans throughout the week. Please don't forget to like, comment and follow to support us, we really appreciate it!

GoldViewFX
XAUUSD TOP AUTHOR