GOLDVIEW XAUUSD REPORT & ANALYSIS.

Gold has seen big movements this month. This is the time to analyse and plan for the week while the price has settled into a range. We have already posted a plan for our buys and sells last week (see related links), which we will update throughout the week and also breakdown the levels and make tweaks, as the price action plays out. So far no changes need to be made and both plans are playing out as expected.

1 HOUR CHART OBSERVATION
The gold price has seen a big move down close to 10,000 points and now settling into a range of 1778 to 1815. Every time we see the market move like this, we then expect it to range in a tight range before we see a secondary break out.

CURRENT RANGE 1778 TO 1815 - we have identified two immediate goldturns at 1808 on resistance and 1785 on support. We are looking for price to challenge either of these goldturns first. The break of either of these goldturns will give the momentum needed to break out if this range and this will be the first sign. 1808 Goldturn break will confirm the 1815 challenge and the 1785 goldturn break will confirm the 1778 challenge.

A challenge, break and retest of 1815 will confirm 1822 and then 1845.

A challenge, break and retest of 1778 will confirm 1775 and 1766.

We have ma21 currently sitting at 1798, which the price will look to touch. We are also keeping in mind our ma200 currently sitting at 1830.

4 HOUR CHART OBSERVATION
CURRENT RANGE 1778 TO 1815 WITH EXTENDED SUPPORT RANGE TO 1758
We can see an immediate resistance goldturn at 1801 and an immediate support goldturn at 1788. A break on these goldturn levels will give the momentum needed to break the range up or down level by level.
MA200 sitting at 1808 and our ma21 touch done.

RESISTANCE LEVELS:
1801
1815
1825
1843
1855
1867

SUPPORT LEVELS:
1778
1758
1750
1737
1731

DAILY CHART OBSERVATION
CURRENT RANGE 1721 TO 1877

We can see an immediate resistance goldturn at 1795 and an immediate support goldturn at 1784. A break on these goldturn levels will give the momentum needed to break the range up or down level by level.
MA200 touch done, however ma21 sitting at 1820 and due.

Price is away from EMA5, which is sitting at 1799 and shows the daily chart price action still needs to settle to pick a direction. We can see our moving averages all coming back together again ready for another breakout.

We can see a strong level of goldturn resistance sitting at 1817. A break on this level will open up the levels above comfortably. We also have a strong support level at 1770. A break on this level will open up all the support levels.

RESISTANCE LEVELS
1795
1817
1851
1857
1877

SUPPORT LEVELS
1784
1770
1755
1741
1721

WEEKLY CHART OBSERVATION
CURRENT RANGE 1678 TO 1915
We have two immediate goldturns on the weekly chart at 1825 resistance and 1764 goldturn support. These two levels on the weekly chart are significant levels across all charts. A break on the 1825 goldturn will open 1868 and a break at 1868 will then open 1915. However on the flipside a break on the support goldturn at 1764 will open a clean run to 1739. If we then see a retest on this level with a break and indicator confirmation, then doors to 1678 will be open.

RESISTANCE LEVELS
1825
1868
1915

SUPPORT LEVELS
1764
1739
1678

We hope this report helps and gives an insight to the gold chart for the week. Please don't forget to like, comment and follow to support us, we really appreciate it!

GoldViewFX
XAUUSD TOP AUTHOR

Comment:

TYPO - 1672 not 1772 on main monthly chart