GoldViewFX - Market UPDATE

Hey Everyone,

Price is ranging sideways between both the weighted Goldturns 1955 and 1977 with 1977 gap open giving us confidence to buy dips. We took a nice 30pip trade from the dip with a safe exit at 1970. As you can see all the MAs have started to converge together now, which usually happens before a breakout.

We have the Core PCE number coming out this Friday and as we keep reminding traders, this is the Fed's preferred gauge for inflation. Why is this important to know? Professional traders look at the economic news/events calendar every day and have key dates/times committed to memory. If you know that a certain announcement will create wild swings, you are not going to be holding any large positions near that time. Important dates also allow you to see the underlying cause of market behaviour before the event. Thus, the market tends to consolidate and accumulate/distribute before a key announcement after which you get the breakout.

We will now wait patiently to see 1977 hit and then cross and lock for further movement up towards the upper highlighted levels. Should 1977 fail then we will continue to track back into the retracement range and trade this level to level.

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
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