Time To Look At Price Of Gold (XAUUSD) - Market Update

[FXMAG]

What a volatile few days of trading, we hope everyone traded safe and managed risk during these volatile conditions.

We started our day with a signal TP and then sat back and let the price tank for us to asses how price action reacted to our Goldturn levels. Over the last month we have shared how we rode the Bull run to the top from behind, which allows us to take a safe exit from the Bull run when the market turns. We managed any buys from the top by measuring retracements and getting out early using our Goldturns.

1906 Goldturn support has held for now with a candle wick out, which followed with price hitting 1922 with EMA5 breaking and closing above 1922 leaving a target open for 1935, we also have 1922 broken down with EMA5 leaving a target to 1906 again, TARGETS open both ways. Two gaps left open to fill, 1906 being the most recent and current active gap.

The more significant challenge for us to keep an eye on is a break below 1906 with EMA5. This will open 1888, which opens the lower range, changing the Bullish structure. The range shift has happened but driven by news and FOMC, therefore it is too early determine a change in the Bullish structure, however a break below 1906 will change our plans to buy dips and we will look to start shorting from spikes.

Our 4H chart has already started shaping up with a Bearish setup with SWING range and level identified. See below;

https://www.fxmag.com/precious-metals/time-to-look-at-price-of-gold...