GoldViewFX - MARKET UPDATE - XAUUSD - 06/04/22

Gold Is Showing A Good Sign For Further Drop

GoldViewFX - MARKET UPDATE by Goldviewfx on

Hey Everyone,

Another FANTASTIC day of trading!! We called the retracement yesterday to about 1927 and then targets to 1931, 1940 and 1944, which played out perfectly. We waited patiently for the drop and took the buys to a perfect EXIT at 1944 safely before the drop. Executed perfectly start to finish!! (SEE LINK TO RELATED POST BELOW)

We are now sharing the 4h CHART, which highlights a candle body close below 1919 Goldturn, which opens another 1896 challenge.

Although my overall direction and setups remain Bullish , I cannot ignore the gap below at 1896. Considering we have FOMC tomorrow, the potential momentum can break 1896 for deeper corrections and therefore we have moved the swing range down to 1875 to manager our risk.

We will carefully consider taking BUY positions from deeper intraday support levels but again only take 20 to 30 pips at a time to allow safe exits. If we see negative pressure on Gold , I will only pick sells from re-tested resistance levels and again playing 20 to 30 pips at a time. The chart highlights a roadmap for the potential movement we will track.

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