We had our 1928 target HIT on the H1 chart last night with plenty of gaps left above and then price tanked fuelled by Geopolitics. We stayed out of positions and we let the market play out till it found support. Sometimes the best position to take in the market is no position and this was the perfect call for us today.
I'm sharing this 4H CHART, which we posted before with the 4H GOLDTURN LEVELS. This chart shows EMA5 break with a candle body close leaving a gap to 1896 which was HIT perfectly also inline with the 4H chart swing range. This level of support was already highlighted, as a strong level and staying above this level keeps us within the structure.
This now gives us confidence to continue with our plans on buying dips and only banking 20 to 30 pips at a time, in such volatile conditions, gives us a better chance to avoid swing traps. Waiting patiently for the right opportunity to ride the trend is key and knowing when to stay out should be part of everyones trading plan.
We will now look for EMA5 to cross MA200 back up to provide the momentum needed for the 1940 challenge. A rejection here could see pressure for 1896 to be challenged and broken, we will be observing this closely and trading smaller LOTS to manage this risk.
As always we will keep you all updated with any changes and in the mean time please don't forget to like, comment and follow to support us.
XAUUSD TOP AUTHOR