GoldViewFX - Gold long term projection and plan.

16 Sep 2023

Hey Everyone,

Please see our monthly chart update, which we have been tracking for a while now. This has been playing out perfectly allowing us to use the smaller timeframes to pick the entries and exits.

Price is sitting between an overall long term range of 1878 and 1987, also in the centre of the channel making it even harder to project. Both of these levels are due a test.

The question is, which one first????

I hate to break it to you but no traders have a crystal ball no matter how good they are. Professionals have a plan to manage ranges with a strategy that allows you to handle swings in either direction.

The half line break below will suggest a movement down first but this candle will need to close this month to assess where EMA5 closes. If this monthly candle closes, as a bullish candle then EMA5 will turn and sit above the half-line invalidating the bearish close making the bullish target more likely. Mixed messages due to the central position of price.

What's our long term plan???
Trying to chase the right target is like chasing your tail, so the best strategy to trade this, is have a long term plan. We will continue to buy dips using our smaller timeframes and use the support ranges on this chart to plan our long term exposure to market.

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 it!

GoldViewFX
XAUUSD TOP AUTHOR